Iran's plan to increase output by about 200,000 barrels this year changes the math on Saudi Arabia's plan to cut OPEC production.
The two oil majors may be able to maintain their dividends.
As the energy patch rebounds, we explore the pros and cons of each of these exploration and production behemoths.
Leading European oil groups gained more than 5% on Thursday after OPEC's surprise output cut plan. But analysts are unsure the agreement amounts to much.