Sentences with phrase «major oil producing nations»

HONG KONG (AP)-- Share prices sank in early trading Monday after an effort by major oil producing nations to agree on production cuts failed over the weekend.

The S&P 500 bounced 1.6 percent Wednesday to 1,926, as oil jumped more than 5 percent on more reports about a preliminary accord among some major oil producing nations to freeze production.

Not exact matches

The U.S. multinational investment bank recently issued a forecast calling for $ 80 a barrel oil, citing an expanding presence of Western forces inside Syria as well as the threat of new sanctions on Iran, a major oil - producing nation.

Mark Brownstein, a climate expert at the non-profit Environmental Defense Fund, said the countries, two of the world's largest petroleum drillers, showed real leadership in «setting a mark for other major oil and gas producing nations.»

While some major oil - producing nations wisely saved part of their windfall in sovereign wealth funds, the oil price needed to balance their budgets kept creeping up while their long - discussed economic diversification policies did not materialise.