OPEC

While this year’s figure is nowhere near 2012’s total of $65 billion, defense officials see 2015 as a more honest representation of the state of the industry.

Lorenzo Mendoza runs Venezuela's largest private company, Empresas Polar.

A member of the Organization of the Petroleum Exporting Countries, aka OPEC, Venezuela has been seeking more storage space in the region.

Growing demand from emerging and developed markets, and lower supply from non-OPEC countries, will lead to recovery, the organization's secretary general said Sunday.

A rise in U.S. crude inventories offset previous forecasts for falling production. 

Many OPEC members have had deficits this year trying to compete with the United States' share of the oil market.

Diezana Alison-Madeuke, who served under former Nigerian President Goodluck Jonathan, was reportedly arrested Friday in London.

The agreement is seen to meet an energy shortage in the Egypt, as the country continues to struggle economically following years of political instability.

In its monthly oil market report, the oil cartel said "lower-than-expected" U.S. output would drag down overall supplies from non-OPEC oil producers.

The news comes as oil production has fallen to a nearly one-year low and is likely to continue falling months longer than initially expected.

Both Russia and OPEC have refused to cut production amid a decline in global oil prices

To date, Russia has refused to cut its production, despite a steady decline in the price of oil.

Iran could mark its return with some $185 billion worth of new projects by the end of the year, OPEC said.

In the biggest three-day rally since 1990, U.S. oil prices extended their gains Monday after data revealed crude output was lower than previously expected.

"Today's continuing pressure on prices ... remains a cause for concern for OPEC and its members -- indeed for all stakeholders in the industry," OPEC said in its most recent bulletin.

In 2014 oil prices were above $100 a barrel; now experts say getting above $50 will be difficult with excess supply and a possible economic slowdown.

The odds of the South American country defaulting have nearly doubled in recent months, financial traders said.

Analysts suggest that Thursday's jump is unlikely to lead to an upward price trend in global oil prices, which have been at historic lows in recent months.

“Oil just can’t stop sliding and local investors are very worried about where the bottom is,” said Sebastien Henin, head of asset management at the National Investor in Abu Dhabi.

U.S. markets were following oil prices down on Monday.

The Saudi Arabia-led oil cartel said it expects world oil demand to grow by 1.34 million barrels per day in 2016.