Home / News / Will OPEC’s decision to cut production affect consumers? l Inside Story

Will OPEC’s decision to cut production affect consumers? l Inside Story



OPEC and non-members meeting in Vienna agreed to cut oil production by 1.2 million barrels a day.

The world’s major oil producers have agreed to slash production after meeting in Vienna – in the hopes of getting prices up again.
Proposed cuts by OPEC and other producers outside the cartel will take 1.2 million barrels a day from world markets.
The price of oil has tumbled from 85 dollars a barrel in October to 60 dollars this week.
But the decision in Vienna needed the agreement of non-OPEC member Russia.

So, how long will this deal last? and what will it mean for the consumer?

Presenter: Hazem Sika

Guests:

Nikolay Surgov – Senior Research Fellow at the Institute of World Economy and International Relations.

Mamdouh Salameh – International Oil Economist.

Hossein Askari – Iran Professor of International Business and International Affairs at George Washington University.

Subscribe to our channel http://bit.ly/AJSubscribe
Follow us on Twitter https://twitter.com/AJEnglish
Find us on Facebook https://www.facebook.com/aljazeera
Check our website: http://www.aljazeera.com/

#Aljazeeraenglish
#InsideStory
#OPEC

About coolgnvj_thenewsspace

Check Also

Mueller May Testify About Election Security—If Dems Avoid Trump and Collusion

ShareTweetPinGoogle+LinkedIn0shares Mueller May Testify About Election Security—If Dems Avoid Trump and Collusion | Time this …

23 comments

  1. oïl and capitalism are killing the planet, only for a few criminals benefit…….capitalism it's a ugly crime against humanity and nature, only criminals or stupid blinds can't see that…..

  2. OPEC is the US mechanism to get their tame Saudi government to influence other countries to do its bidding on oil supply issues. It should be disbanded.

  3. I think the cut is a lie. Opec is going to flood the market and kill off the competition.

  4. First thing the world needs to know is Trump knows nothing about economics or the markets. Make decisions for all our benefit and not some whim Trump saw on the Hannity show.

  5. RE : OPEC SUPPLY AND DEMAND

    MONDI

    ROTATRIM

    AFTER SALES

  6. It is not right for OPEC oil Cartel to hoard supply much more hike price to choking level – -😨😥🌾 vital resources like pil should be shared.

  7. lets hate islam and everywhere youll find hate speech islamophobia, because theyve been paid for that

  8. have you ask yourself why qatar quit opec

  9. Jesus Christ the Messiah The Good Teacher The Son of God is better than muhammad the false prophet. This one is gonna stick in your lips. Like its the first time you tasted the most delucious food you will never forget it =)

  10. the gentlemen of the panel….is it too much to ask that you wear a tie like a grown-up.

  11. What do the Yellow Jackets have to say about this? As prices for profit rise, again, and carbon taxes are instilled, this may be an issue? c):~)

  12. eat the rich! fu<k Faschism.

  13. media always say prices TUMBLED when it's corporations. they never tumble up, when it's OUR rent/food/gas prices that DOUBLES!!

  14. Absurd. Only costs them $4 per barrel to extract. They still make a killing even if the price drops to 20 bucks. Unlike the fracking industry where the profit is zero and actually costs money to pretend to be an energy producer.

  15. The U.S.? Not really, only 8% of our oil comes from OPEC. The rest we produce ourselves, or import from Canada and Mexico. The rest of the world, I'm not sure.

  16. If OPEC/Russia cut production and the Americans raise their oil production with Canada, then it would mean more jobs, a stable low price, and a lower price at the pump for America. Also with an increase in American production it would open European markets to America and Canada oil to make up for the Russian cut in oil. Shale oil will be king if it last any longer

  17. Saudi Arabia making money out of poor people's sweat. There is a lot of people working for them in Saudi Aramco in a very low wage and very low human rights in terms of housing for the contractor worker. I work in Saudi Aramco in Tanajib port for 2 and half year and that was really very terrible time I have gone through.

  18. They will not cut production OPEC will be destroyed members already leaving OPEC I cannot cut production they cannot raise prices they are in debt at $100 a barrel they are screwed. Saudi Arabia Israel deserve to be screwed deserve to be destroyed

  19. Be careful with make believe whabbi kingdoms and their friend Zionists

  20. I just hope Alberta ,Canada got its wake-up call and is going to build refineries and pipelines in Canada.
    So we can dump these oil barons and become self sufficient.
    I would let them charge 80$ a barrel if it meant good job creation for Canadian men and women working and paying taxes here.
    The sandbox and the Americans have made enough money on our backs.

  21. I don't drive. I use public transport but walk as much as possible. I avoid plastics clothing, packaging and disposables as much as possible. I don't want that stuff in contact with my skin or food. Grow your own food.

Leave a Reply

Your email address will not be published. Required fields are marked *

shares