OPEC

The country is suffering from its worst recession in over a decade coupled with triple-digit inflation.

Iran's OPEC envoy says Tehran will not commit to a deal between Saudi Arabia and Russia over capping output

Oil ministers of Venezuela and Iraq are travelling to Tehran to discuss the issue.

Saudi Arabia, Russia, Venezuela and Qatar agree to freeze oil output at January levels.

Decision to freeze production to January levels is 'adequate' after meeting with Russia and Iran.

Scepticism about Saudi Arabia and Iran cutting production clouds meeting.

DeVere Group CEO claims low oil prices could be beneficial and panic over 'minor bump' was exaggerated.

Return of Iran to the oil market after sanctions were lifted in January is expected to boost OPEC output.

Estate agents Knight Frank highlights oil as property market driver in its Prime Central London Sales Index.

Head of Russia's oil pipeline Nikolai Tokarev hints on possible cooperation with oil cartel.

Goldman Sachs, RBS and Morgan Stanley too are ultra-bearish about oil prices.

Riyadh will not halt record production at risk of aiding Iran and US shale.

Geopolitical tension in the Middle East and concerns over China drag price sharply down.

Cartel says 2014 levels of oil prices will not be achieved until 2040.

Iran says there is 'absolutely no chance' in delaying increased oil shipments.

An Iran-Saudi dispute ended without any significant plans for a production limit.

Crude oil and WTI benchmarks are expected to remain under $60 in 2016.

Saudi Arabia non-oil business growth hits record low.

Riyadh's budget deficit forecast to hit 20% of GDP this year amid low oil prices.

Maduro also said he was 'doing everything to save the price and the stability of our oil'.

Oil production outside Opec forecast to drop by 500,000 barrels per day in 2016.

Commodities have suffered from falling worldwide demand and hiked production.

Brent crude is down 2.38% at $44.38 per barrel as at 4.15am GMT, while WTI crude declined 2.92% at $39.47.

Brent crude is trading down 0.27% at $48.61 per barrel as at 5.48 am GMT, while WTI crude fell 0.14% at $41.81.

Saudi used almost $62bn of its foreign currency reserves so far in 2015, and borrowed $4bn from local banks in July.

The cuts in spending and the increased M&A activity in the market can be attributed to the falling oil price.

Market watchers predict banks from China or India might be first into Iran but Germany also looks like a contender.

Brent Crude fell by 1.52% after marathon talks by P5+1 officials resulted in a deal for Iran.

Tullow Oil said it will increase West Africa production levels from 68,000 to 70,000 barrels per day.

WTI crude fell 0.83% to $58.64 per barrel, while Brent crude for July fell 0.68% to $62.88 as at 1.10am ET.