This week a barrel slipped below 45 dollars, even though exporters have slashed production by nearly 1.8 Mmillion barrels a day. OPEC continues to believe prices will stabilize, once the cutbacks take full effect. But others have their doubts.
OPEC will increase oil production in a move its main proponent, Saudi Arabia, said will lower global prices. Opponents said it was an opportunistic attempt to capitalize on problems in Riyadh rival, Iran.
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.
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