The oil price has remained stable this morning, coming off the back of a week of wild swings.
International benchmark Brent crude this morning is up by around two per cent at $33.08, however US West Texas Intermediate jumped by over over four per cent to $32.84, up from under $30 at the close of oil trading on Friday.
Last week Brent crude swung over 12 per cent between its highs and lows.
In the 1980’s, the last time that Saudi attempted to bring non-Opec producers into a production limit deal, it fell apart after countries failed to correctly report their numbers.
Saudi Arabia has refused to limit production for only Opec countries, arguing they have lost market share to expensive shale oil to the extent that they are no longer able to dictate global supply.
