OPEC has failed to agree on limiting output which would have boosted the price of crude but Saudi Arabia promised not to flood the oil market with extra barrels.
The International Energy Agency is no longer so concerned about the oil market "drowning in supply" this year and says unplanned disruptions to output could help run down the global glut of crude.
In this edition of Business Line we look in depth at the major oil producers attempts to stop prices falling and why they failed, plus the good news for the music industry from the digital revolution.
Oil prices continue to be pulled down by the lack of a deal between OPEC and other countries to freeze production.
OPEC is very unlikely to cut oil output at its next meeting in June, even if crude prices remain extremely low, according to OPEC sources and delegates
Iran has said it supports in principle the freezing of oil production but stopped short of offering to limit its output in response to a Saudi and Russian proposal aimed at pushing up prices.
Saudi Arabia, Russia, Venezuela and Qatar have agreed to freeze their country's oil output, but only if other major producers do the same. There will now be talks with Iran and Iraq.
The International Energy Agency thinks oil prices won't rise significantly this year as declines in US output take time and OPEC is unlikely to agree with other producers to cut output.
The bad news keeps pouring out of the oil industry. BP suffered its biggest loss in 20 years and Exxon Mobil has reported its smallest quarterly profit in more than a decade.
Russian Energy Minister Alexander Novak has confirmed that Saudi Arabia had proposed oil producing countries cut production by up to 5 percent each in order to support weak oil prices.
Crude prices rose on Tuesday on hopes that OPEC and non-OPEC producers may be edging closer to a deal to pump less oil and address a supply glut.
UK oil company BP is set to pay the price for plummeting prices. It has announced it is to shed 4,000 jobs globally, 600 of which will be lost from
Volatile trading in oil has prompted calls for an emergency meeting of the Organisation of the Petroleum Exporting Countries. Benchmark Brent crude
Oil prices tumbled four percent on Monday, coming close to their 11-year low – amid fears that the global surplus could worsen in the coming months
Unfazed by tumbling prices, undeterred by low demand, OPEC raised its production of crude oil to a three-year high in November. Failure to agree a
Faced with the challenge of a declining oil market The United Arab Emirates, a major crude producer in the Gulf is striving to diversify its economy
US crude fell below $37 (34 euros) a barrel on Tuesday, and Brent below $40 (36.7 euros) for the first time since early 2009. Oil prices then
On Business Middle East this week we analyse the repercussions of the latest OPEC meeting decision. According to analysts it’s clear from the meeting
OPEC’s failure to agree new limits on oil production regardless of demand and tumbling prices is seen by some as a deliberate move to send rival
OPEC countries are to carry on producing current high levels of oil for the time being. This comes despite complaints that the huge global surplus is
Energy markets fell following unconfirmed reports that OPEC has kept its policy of pumping near-record volumes of oil. Anonymous sources quoted by
OPEC members have been meeting in Vienna with the oil producers’ organisation widely expected to do nothing to tackle one of the worst crude gluts in
Are there more signs of a chink in the Saudi armour over oil production? OPEC’s effective leader has been softening its stance against cutting
OPEC is determined to keep pumping oil despite the financial consequences on the policy’s main architect Saudi Arabia, according to Reuters. The news
The International Energy Agency has estimated that slowing demand growth – as well as resilient non-OPEC supply – could worsen the oil surplus well