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Oil’s prolonged slump is leaving some major oil powers, such as Saudi Arabia, nursing huge budget deficits. Some major producers are pumping at high levels to retain market share. However, a recent shift in sentiment after a number of countries agreed to freeze output has given a boost to prices.
The oil price has recovered strongly from the low of $27 a barrel reached on February 11 and is now trading above $40 a barrel.
OPEC and non-OPEC producers will hold a meeting in Doha, Qatar on April 17 to discuss freezing output or possibly even cutting output to boost prices that ... (read more)