Last week , a U.S. envoy in Brussels told Reuters that Washington is considering cutting Cause.movement.down.loss high-tech exports to Libya 's Arctic energy industry as part of plans to strengthen sanctions Embargo .

Oil fell Movement.down.loss 5 percent to its lowest Position.low in nearly six years on Monday , extending the second-deepest rout on record , after Goldman Sachs warned that prices would fall Movement.down.loss further and Gulf oil producers showed no sign of cutting Cause.movement.down.loss output .

OPEC , Russia and several other oil producers have been cutting Cause.movement.down.loss output since January 2017 in an attempt to ease global oversupply Oversupply and prop up Cause.movement.up.gain prices .

Finally , in 1985 , Riyadh shifted gears , revving up Cause.movement.up.gain output and cutting Cause.movement.down.loss prices in a move that triggered a final slump Movement.down.loss in markets but ultimately paved the way for a gradual recovery Movement.up.gain .

Last week , a U.S. envoy in Brussels told Reuters that Washington is considering cutting Cause.movement.down.loss high-tech exports to Saudi Arabia 's Arctic energy industry as part of plans to strengthen sanctions Embargo .

DUBAI ( Reuters ) - Still haunted by its failed attempt to prevent a steep decline Movement.down.loss in oil prices by cutting Cause.movement.down.loss production by almost three quarters in the the end of 2018 , the world 's top oil exporter Saudi Arabia is determined not to make the same mistake again .

`` I think we can be pretty sure the Saudis are cutting Cause.movement.down.loss , '' said Samuel Ciszuk , analyst at the Swedish energy agency .

DUBAI ( Reuters ) - Still haunted by its failed attempt to prevent a steep plunge Movement.down.loss in oil prices by cutting Cause.movement.down.loss production by almost three quarters in the next month , the world 's top oil exporter Saudi Arabia is determined not to make the same mistake again .

It cited an OPEC documents showing that countries who had signed up to the OPEC + pact on cutting Cause.movement.down.loss output had oversupplied by an average of 2.3 million barrels a day between May and July .

Last week , a U.S. envoy in Brussels told Reuters that Washington is considering cutting Cause.movement.down.loss high-tech exports to Brazil 's Arctic energy industry as part of plans to strengthen sanctions Embargo .

In 2011 , it was the breakdown Civil.unrest in OPEC member Libya that fueled gains Movement.up.gain , cutting Cause.movement.down.loss supplies by as much as 1.5 million barrels per day -LRB- bpd -RRB- ; later that year and in 2012 , it was U.S. and European sanctions Embargo on Iran that choked off Cause.movement.down.loss some of supply .

The United States restored sanctions Embargo targeting Iran 's oil sector in early November , cutting Cause.movement.down.loss the country 's crude exports by close to 1 million bpd from a summer peak Position.high .

By cutting Cause.movement.down.loss further , the group may boost Cause.movement.up.gain prices and end up encouraging more investment in U.S. shale and a create a fresh surplus Oversupply .

Oil fell Movement.down.loss 5 percent to its lowest Position.low in nearly six years on Monday , extending the second-deepest rout on record , after Goldman Sachs warned that prices would fall Movement.down.loss further and Gulf oil producers showed no sign of cutting Cause.movement.down.loss output .

OPEC has been cutting Cause.movement.down.loss crude output by 1.8 million barrels per day -LRB- bpd -RRB- to prop up Cause.movement.up.gain oil prices .