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
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.
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