HISTORIC OPEC DEAL SET TO DRIVE UP OIL PRICES

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Description

Last month oil supply tensions between Russia, Saudi Arabia and the US came into collision, when Russian executives refused to team up with Saudi Arabia to cut down on oil production. Saudi Arabian executives then retaliated by producing an extra 3 million barrels of oil per day. This over supply in combination with reduced demand due to the COVID-19 pandemic has seen the price of Brent Crude Oil drop to a 17 year low. But over the weekend a deal was made that will cut the world’s oil production temporarily by 10%, The biggest output cut ever.

To unpack what all this means, we were joined by Dr Lurion De Mello, Senior Lecturer from the Department of Applied Finance at Macquarie University.

Period15 Apr 2020

Media contributions

1

Media contributions

  • TitleHISTORIC OPEC DEAL SET TO DRIVE UP OIL PRICES
    Degree of recognitionNational
    Media name/outlet2SER Radio
    Media typeRadio
    Country/TerritoryAustralia
    Date15/04/20
    DescriptionLast month oil supply tensions between Russia, Saudi Arabia and the US came into collision, when Russian executives refused to team up with Saudi Arabia to cut down on oil production. Saudi Arabian executives then retaliated by producing an extra 3 million barrels of oil per day. This over supply in combination with reduced demand due to the COVID-19 pandemic has seen the price of Brent Crude Oil drop to a 17 year low. But over the weekend a deal was made that will cut the world’s oil production temporarily by 10%, The biggest output cut ever.

    To unpack what all this means, we were joined by Dr Lurion De Mello, Senior Lecturer from the Department of Applied Finance at Macquarie University.
    URLhttps://2ser.com/historic-opec-deal-set-to-drive-up-oil-prices/
    PersonsLurion De Mello
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