France's finance minister promised that some 15 million households would benefit from tax cuts announced by President Emmanuel Macron, but the move did little to calm tempers among protesters.
United States President Donald Trump announced on his twitter account that Saudi Arabia and other OPEC member states have agreed on the US' demand to boost oil production.
Except for Qatar, the oil producing gulf countries are adamant on raising oil prices to fill budget deficits.
US lawmakers are considering a legislation that would pave the way for suing OPEC for manipulating oil prices. But changing market conditions could save the global oil cartel.
Organization of the Petroleum Exporting Countries (OPEC) said they would cut 800,000 barrels per day for six months from January, causing a sharp spike in oil prices.
The Russian economy’s dependence on oil and gas exports makes it vulnerable to fluctuating prices.
Saudi Arabia is discussing a proposal that could see OPEC and non-OPEC oil producers cut output by up to one million barrels per day, sources say.
As Washington prepares to penalise countries, which import gas and oil from Iran, concerns are being raised about its impact on Iraq.
The latest forecast from the US Energy Information Administration predicts that US output will grow next year to 11.8 million barrels a day, its highest since 1970.
The Organization of the Petroleum Exporting Countries gathered in Vienna amid calls from the United States, China and India to cool down the price of crude and prevent an oil deficit that would hurt the global economy.
Paris-based International Energy Agency forecasts US becoming the world's biggest net exporter by the end of 2020s.
The oil-dependent country has introduced a series of unpopular price hikes to boost non-oil revenues as crude prices dwindle.
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