Cartel members are debating whether to extend a deal to reduce output.
The discussion was held in Kuwait, but its outcome could affect the entire world.
Oil producing countries are considering further cuts in output to try and force prices higher.
Ministers from both OPEC and non-OPEC countries met in Kuwait City on Sunday to review progress on an agreement, made in December, to cut production for six months.
They are due to meet again in April to decide if they want to extend that deal.
Kuwait, Iraq and the United Arab Emirates all expect further production cuts.
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