Oil prices dipped under $40 per barrel yesterday, adding to declines recorded in the tail end of last week.
The price of international benchmark Brent crude climbed to $42.51 in early trading last week, before sliding five per cent over four days. Last night the price of a barrel of Brent was trading at $39.92, while US benchmark West Texas Intermediate was going for $39.12.
Meanwhile, Saudi Arabia lost ground to rivals in nine out of 15 top markets between 2013 and 2015, according to analysis of customs data by energy consultancy FGE.
Saudi Arabia is trying to maintain its market share amid the supply glut that’s weighing on prices and the news risks damaging talks of a production freeze that has boosted the oil price from January lows of $27 per barrel
The Organization of the Petroleum Exporting Countries (Opec) leader has been working to broker a historic deal with non-Opec Russia.
Saudi Arabia’s fellow Opec members have broadly indicated willingness to go along with the deal, though Iran remains committed to plans to ramp up its output. Russia is set to meet Opec delegates on 17 April in Doha.