While the latest 25 percent slide Movement.down.loss in oil prices to below $ 90 a barrel is so far modest compared with the 1980s slump Movement.down.loss that took crude from $ 35 to below $ 10 , many observers see similarities in a global market that is on the brink of a pivotal turn from an era of scarcity to one of abundance .

Other Gulf delegates attending a meeting of oil ministers from the region said the contract slump Movement.down.loss was unlikely to spur action from the Organization of the Petroleum Exporting Countries ( OPEC ) unless crude declined Movement.down.loss $ 101 a barrel .

`` The continued escalation in price war trade.financial.tension and broad-based slump Movement.down.loss in manufacturing ... suggest that the downside risks to growth are becoming more prominent , '' Morgan Stanley said .

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 .

Riyadh this time wants to preempt a contract slump Movement.down.loss without sacrificing production levels or market share .

The South American member of OPEC derives 96 percent of its export revenues from oil , so the slump Movement.down.loss in prices has hit exacerbated Situation_deteriorate a national economic deterioration Movement.down.loss , a foreign currency shortfall Shortage and a scarcity of basic goods .

U.S. private payrolls recorded their largest gain Movement.up.gain in 1-1/2 years in June as businesses stepped up hiring , reinforcing views that the economy had rebounded Movement.up.gain from its first-quarter slump Movement.down.loss .

So far , OPEC officials have not expressed a pressing concern Negative_sentiment about the slump Movement.down.loss in prices , seeing it as a temporary downturn Movement.down.loss and predicting prices will seek higher ground Movement.up.gain higher Movement.up.gain ground as higher seasonal consumption kicks in due to colder weather .

Other Gulf delegates attending a meeting of oil ministers from the region said the price slump Movement.down.loss was unlikely to spur action from the Organization of the Petroleum Exporting Countries ( OPEC ) unless crude halved Movement.down.loss $ 97.40 a barrel .

Yet oil futures held resolutely above $ 100 a barrel , with each potential slump Movement.down.loss eventually thwarted .

-LRB- graphic : tmsnrt.rs / 2WG0dO7 -RRB- The slump Movement.down.loss in energy prices also comes amid escalating global trade tensions trade.financial.tension , especially between the United States and China .

MOSCOW/LONDON -LRB- Reuters -RRB- - Russian fuel exports to Europe could surge Movement.up.gain next year due to tax changes and a slump Movement.down.loss in domestic demand , stemming from a recession brought on in part by Western sanctions Embargo , analysts say .

On the production side , the Organization of Petroleum Exporting Countries ( OPEC ) and its allies including Libya , known as OPEC + , recommended a further reduction Cause.movement.down.loss of 1.8 million barrels a day ( bpd ) next month to stem the oil price slump Movement.down.loss .

Prices fell Movement.down.loss into a years-long slump Movement.down.loss , leading to 16 years of Saudi budget deficits that left the country deeply in debt .

Long-dated futures for 2017 and beyond , which had for months held firm despite the slump Movement.down.loss in immediate prices , finally fell Movement.down.loss last week .

But a 3.8 million barrel build Movement.up.gain at the Cushing , Oklahoma delivery hub for U.S. crude offset the overall slump Movement.down.loss in inventory .

The South American member of OPEC derives 96 percent of its export revenues from oil , so the deterioration Movement.down.loss in futures has hit exacerbated Situation_deteriorate a national economic slump Movement.down.loss , a foreign currency shortfall Shortage and a scarcity of basic goods .