Oil price sticks around $50/bbl

Production cuts by Saudi Arabia, Kuwait and the UAE have helped maintain oil prices at around $50 a barrel, through production cuts and co-ordination with non-Organisation of Petroleum Exporting Countries (Opec) members led by Russia. The price has weathered the remarkable upturn in Libyan output, to nearly 1m b/d, an upturn in Nigerian production and, most important of all, the reopening of investment flows for US unconventional production.