OPEC launched a price war against U.S. shale and other high-cost producers, including Canadian oil sands and Brazilian deep-water oilfields, in November 2014 by not reducing output despite a global oversupply. Since then, oil prices have plunged by more than half, hitting a 12-year low of about $26 on Feb. 11.

“We’ve worked out a common position,” Novak said, commenting on the deal. “We discussed various options, including doing nothing and cutting production.” An oil price at $50 a barrel is acceptable for exporters and consumers over the long term, he said. Brent crude, a global benchmark, traded at about $33 on Friday after dropping 45 percent over the past year.

“Russia will have to struggle for its market share one way or another,” said Andrey Polischuk, an oil and gas analyst at Raiffeisenbank AO in Moscow. Gazprom is gaining market muscle due to low oil now but may need changes to keep the price in line with competitors when crude rebounds, he said.

“The economy has held up surprisingly well when you consider the stresses on it” that include Western sanctions preventing banks and oil companies from issuing debt and imposing bans on high-tech oil equipment purchases, said Christopher Miller, Associate Director of the Brady-Johnson Grand Strategy Program at Yale ISS. “The reason is that government policies since 2008 have been relatively effective,” he said in a Feb. 18 presentation at the Woodrow Wilson International Center for Scholars.

On Tuesday, Saudi Arabia, Russia, Venezuela and Qatar conditionally agreed to cap their output at last month’s levels in order to halt a slide that has pushed oil prices to their lowest point in more than a decade. Oil prices recently plummeted below $30 a barrel, the lowest in 13 years.

Oil prices fell 4 percent on Friday, with Brent down a third straight week, as record high U.S. crude stockpiles intensified worries that a plan to freeze world output will do little or nothing to reduce massive oil supplies already in the market.

Saudi Arabia and Russia, the world’s two largest crude producers, agreed to freeze output after talks in Qatar.

Net income from continuing operations for the year was a loss of $329.5 million, or ($1.14) per diluted share, compared to a loss of $669.3 million, or ($2.28) per diluted share, in FY 2014.

The price for light, sweet crude oil for March delivery dropped more than $1 on the New York market Feb. 11 to settle at $26.21/bbl, the lowest settlement since May 6, 2003. But oil prices appeared to be climbing in early trading on Feb. 12 after news reports of comments about possible production cuts.

Global energy demand between 2014 and 2035 is expected to rise 34%, an average of 1.4%/year, with fossil fuels remaining the dominant form of energy over the period.

After testing a 12-year low, the price of oil simply has to go up.That’s according to the chief executive officer of shipping and oil giant A.P. Moeller-Maersk A/S, who says 2015’s average crude price of $54 a barrel is too low for the industry to produce enough oil to satisfy global demand.

Mining and exploration investment declined 35% in 2015, the second largest year-over-year decline since the U.S. Bureau of Economic Analysis (BEA) began reporting the series in 1948.

BP and Oman Oil today signed a heads of agreement with the Government of the Sultanate of Oman committing to amend the Oman Block 61 exploration and production sharing agreement (EPSA), extending the licence area of the block and enabling a further development of the major Khazzan tight gas field. BP is the operator of Block 61 with a 60% interest and Oman Oil holds the other 40%.

U.S. Rig Count is down 30 rigs from last week to 541, with oil rigs down 28 to 439, and gas rigs down 2 to 102. Canadian Rig Count is down 20 rigs from last week to 222, with oil rigs down 13 to 118, and gas rigs down 7 to 104.

The Head of Rosneft noted that the demand for oil and oil products will be growing. The growth has become more diversified - China's role has diminished, but the share of India, other Asian countries and Africa is gradually growing. “More diversified growth seems more resilient, and confirms that many of the mentioned "threats" of reducing the role of oil in the world economy are largely exaggerated”- Sechin said. According to the Head of Rosneft, “an imbalance between oil supply and demand may significantly reduce already by the end of 2016, and by the end of 2017 even lack of oil supply is possible at the market”.