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Four Scenarios for Oil Producers as They Seek to Boost Prices

  • OPEC, Russia to discuss market in Algiers in late September
  • Output cuts are most unlikely outcome, says Capital Economics
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Iran's Oil Output Edges Higher

A meeting in Algiers at the end of September between OPEC and Russia -- which together pump more than half the world’s oil -- has raised expectations that a deal could be struck to boost prices.

Oil is still trading at half its 2014 level amid a persistent global oversupply. While a production decline in the U.S. has helped to curb the surplus and prices have risen more than 25 percent this year, swollen inventories across the globe have kept crude below $50 a barrel, too low for many producers to balance their budgets.