[jyl]

When the major oil producers agree a coordinated output cut, oil prices will jump back up. The fall to $74 was deliberately driven by the Saudis, who cut their prices to inflict pain on other OPEC and non-OPEC producers and force them to such an agreement. I imagine the Saudis also wouldn't mind discouraging investment in US and Canadian shale, much of which is not profitable at <$80, but I suspect that is secondary.