This is the first significant political premium to show up in crude prices since OPEC and Russia joined forces in late 2016 to steady a market faced with a serious global glut. (cnbc.com)
The prospects for an oil price recovery are still unclear, van Beurden said, despite attempts by OPEC and other producers to agree a deal to limit output and reduce the global glut which has pushed oil prices down by 50 % since June 2014. (fortune.com)
Without money, companies had to slow or even stop drilling for the crude that helped create a global glut. (fortune.com)