An oil worker adjusts a valve releasing a spray of water while working on oil pipelines Thursday, Feb. 18, 2016, in the desert oil fields of Sakhir, Bahrain.(AP Photo/Hasan Jamali)
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Saudi Arabia will join a meeting of producers from within and outside OPEC in Doha next month, adding weight to the campaign by financially stricken crude exporters to freeze output and overcome the supply glut that's weighing on the market.Prices have rallied more than 30 percent since a mid-February proposal by Saudi Arabia, Russia, Venezuela and Qatar to cap oil output and reduce a worldwide surplus that had seen prices slump to 12-year low in January. Iran boosted output by 187,800 barrels a day to 3.13 million a day in February, the biggest monthly gain since 1997, OPEC said in a report Monday.Saudi Arabia boosted oil exports to a 10-month high of 7.84 million barrels a day in January, just weeks before the initial freeze agreement, according to the Joint Organisations Data Initiative, an oil industry group overseen by the International Energy Forum.One key question is how fast shale production could come back if OPEC and some non-OPEC producers succeed in driving prices higher.
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