The cartel has been flooding the world market with cheap oil, apparently in a bid to put shale oil producers out of business.
Brent crude rose above $50 a barrel to its highest price level since August on Monday
Quite why Sir Alan Duncan, Foreign Office Minister of State for Europe, should find it necessary to visit Bahrain in the last few days remains something of mystery
In a decision led by a rapprochement between Saudi Arabia and Iran, OPEC ministers decided to cut production by 750,000 barrels a day
The IEA forecast for 2017 was cut by 100,000 barrels from last month following a revision to the global economic outlook by the International Monetary Fund after Britain voted to leave the EU
Supply disruptions and falling US output have helped cut a global surplus, sparking a rally of more than 85%
Oil extends slide as members decide against production ceiling
No indication OPEC is seeking to change current production
A delegate made the announcement ahead of the next meeting of the Organisation of Petroleum Exporting Countries on April 17
Production freeze proposal falls flat but analysts hail potential significance
Many countries are already pumping at maximum capacity
Oil has lost more than 70 per cent of its value in 18 months
The financial stability of Russia is at stake if the price of oil falls below $30 a barrel
Iraq, Iran, Oman, Algeria, Saudi Arabia, Bahrain, Libya and Yemen could run out of cash in five years or less
GCHQ uses doctored websites including those from the business network LinkedIn to secretly install surveillance software on the computers of unwitting target companies and individuals it wants to spy on, the German news magazine Der Spiegel has reported.
The country's political upheaval has driven prices high, but fundamentals underpinning black gold are weaker than ever