Flood warning: Oil producing nations call for enhanced cooperation to address oversupply of oil
Ongoing talks to reduce the global supply of oil in an attempt to raise prices have so far yielded only preliminary agreements, with Saudi Arabia and other major oil-producing nations historically unwilling to reduce their exports. However, with oil prices falling from $115 per barrel for Brent crude in June 2014 to a low of $28.50 in late January 2016, before rallying to $52 dollars as of early October 2016, government revenues around the world have been affected, leading to budget cuts in countries like Saudi Arabia and Russia in order to try to balance the books (see Economy chapter). In mid-February 2016 four of
