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Oil futures dropped on Monday after key producers failed to agree on a production cap that could have tightened up supply. The main driver behind the breakdown was Saudi Arabia’s refusal to participate in the deal without its geopolitical rival Iran pledging to do the same. Since economic sanctions against Iran were lifted in January, the country has vowed to keep ramping up production until output is back up to at least 4 million barrels a day.
Kuwait’s crude production dropped by more than half on Sunday as thousands of its oil industry employees began an open-ended strike over government plans to cut wages.