Oil prices hit a 16-month high following Opec's decision to cut production for the first time in 8 years. The oil cartel wants more oil producing countries to follow suit.
Two of the world's largest oil producers see a consensus emerging between OPEC and non-OPEC states for long-term cooperation on stabilizing oil prices, including the extension of output cuts expiring at the end of 2018.
Global oil prices fell after the US-led airstrikes in Syria at the weekend, having spiked last week on fears Middle East tensions might escalate. Eyes now turn to how Syria's key sponsors, Russia and Iran, react.
The small archipelago Gulf state is surrounded by oil-producing giants, but its own production has been very limited. A more detailed analysis of the find's content, size and extraction viability has begun.
Every war has economic impacts. Escalating the conflict in Syria, a multi-sided proxy war involving multiple regional and global powers, will have broad consequences. Higher oil prices may be among the outcomes.
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