And Qatar’s fund has expressed interest in buying a minority stake in Glencore’s agriculture business, according to three people familiar with the matter. The Qatar Investment Authority said last week it opened an office in New York and plans to invest $35 billion in the U.S. over the next five years to diversify its holdings.

"The view now is that oil prices are going to remain low for longer, so oil-producing states are having to look at both how to maximize revenue and how to reduce spending,” Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC, said by phone. “This trend will continue into 2016.”

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