The fund’s half-yearly fiscal monitor report shows that in the past three years a hefty budget surplus in Saudi Arabia has been turned into a deficit of more than 20% of GDP – double the shortfalls seen in the UK and the US during the worst of the global slump of 2008-09.

“We are not in disarray,” Mr. el-Badri said. “We see some light at the end of the tunnel.” He said he thinks oil markets will regain balance within 18 to 24 months.

Shell is planning for a longer period of low oil prices. But in the longer term, argues Ben van Beurden, there will be no change to fundamental drivers such as rising demand and the need for new supplies. Moreover, the industry should not be blinded by low oil prices. Even more than prices, the transition to a low-carbon energy future will shape its destiny over the coming decades. Carbon pricing systems are crucial in that transition. They encourage the quickest and most efficient ways of reducing emissions widely.

Brent crude oil spot prices increased by $1/b in September to a monthly average of $48/b. Along with increasing volatility in global equity prices and exchange rates, crude oil price volatility increased significantly in August, reflecting uncertainty about potential lower economic and oil demand growth in emerging market countries. Volatility remained high in September, with Brent spot prices increasing from $42/b on August 24 to $50/b on September 3, before falling back into the range of $45/b to $50/b for the rest of the month.

Crude prices jumped about 4 percent on Tuesday after No. 1 oil consumer the United States cut output forecasts and Russia, Saudi Arabia and other big producers signaled joint action to support the market.

OPEC expects global demand for its crude, under pressure in recent years because of rising supplies from outside the group, to rise to 30.3 million barrels per day in 2016, about 1 million bpd more than in 2015.

Spain’s Repsol said Thursday it will axe 1,500 positions over the next three years as part of a cost-cutting effort. The cuts represent about six percent of the company’s workforce and staff have already been notified of the plan.The company declined to comment on how the cuts will be distributed throughout its operations.

Glencore has more than $10bn in short-term credit and has just raised a little under $2.5bn through an equity placing. Even at current commodity prices, it believes it can produce $3bn in free cash flow a year.

Third-quarter 2015 results could show continued declines in profits, cash flow, and capital expenditure if crude oil prices continue to decline.

Halliburton Co., the world’s second-largest oilfield services provider, has cut 2,000 more jobs, mostly in North America, the region hardest hit by the crude collapse.