1980–89 world oil market chronology

Riyadh on June 4 announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.

The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations.

OPEC and its allies agreed early on April 10 to lower their collective crude oil production by 10 million barrels per day (bpd) until the end of the second quarter of 2020.

Saudi Arabia-led OPEC and Russia-led non-OPEC oil-producing nations started their 9th (Extraordinary) OPEC and non-OPEC ministerial meeting via webinar on April 9 at 1445GMT.

Oil prices on Monday start with a collapse of 35 - 40% after the OPEC + meeting, which ended last Friday with Russia's exit from the oil restriction deal, according to trade data.

The signals came on Friday, with more hopes of finding a way out then.

The coronavirus epidemic has pushed the price of Brent crude on March 2 to its lowest in 31 months and on the same week that investors await the critical OPEC meeting that will be held in Vienna, Austria on March 5.

International benchmark Brent crude fell as low as $48.40 per barrel on March 2 to mark its lowest level since July 24, 2017, according to official data.

Crude oil prices were up on Feb. 5 as the global oil market and investors hope that the Organization of Petroleum Exporting Countries (OPEC) would make deeper cuts in crude production to support low prices.

The international benchmark Brent crude was trading at $54.20 per barrel at 0723 GMT for a 0.7 percent increase after closing on Feb. 4 at $53.81 a barrel.

Oil prices dipped on Apri 26 on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.

Venezuelan consumer prices rose 488,865 percent in the 12 months ending in September, a member of the opposition-run congress reported on Oct. 8, as the OPEC nation's hyperinflation continues to accelerate amid a broader economic collapse.

Saudi Arabia and Russia will discuss raising OPEC and non-OPEC oil output by around 1 million barrels per day (bpd), easing 17 months of strict supply curbs, sources familiar with the matter said.

Brent crude is trading above $60 per barrel for the first time in more than two years. Investors have remained bullish after news the Organization of the Petroleum Exporting Countries (OPEC) will continue to stick to production cuts.

Brent crude moved up seven cents to $60.51 per barrel, while the US West Texas Intermediate gained three cents, trading at $53.93.

OPEC decided on May 25 to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.