Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.
Qatar's departure from OPEC has exposed the creaky foundations of the oil cartel.
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.
Crude prices have been falling since October because major producers — including the US — are pumping oil at high rates and due to fears that weaker economic growth could dampen energy demand.
The invite comes as a surprise since Saudi Arabia, the United Arab Emirates, Bahrain and non-GCC member Egypt imposed diplomatic, trade and transport sanctions on Qatar saying it supports terrorism.
Doha wants to keep its role as the world’s leading LNG producer independent of the oil cartel’s politics, which has come to be influenced by non-member Washington.
The tiny, energy-rich Gulf Arab nation of Qatar says it will withdraw from the Organization of the Petroleum Exporting Countries (OPEC) in January.
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.
Both Brent and US West Texas Intermediate crude oil have declined by around 20 percent from the four-year highs they reached in early October, with Brent expected to fall below $70 per barrel for the first time since April.
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