Main content
Sorry, this episode is not currently available

Production cut sends oil prices high

Economists have warned higher oil prices could make it harder to bring down the cost of living.

Oil prices have surged after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels of oil a day. In addition, Russia said it will extend its cut of half a million barrels per day until the end of the year. Now markets are raising concerns about petrol prices which is again demonstrating the dependence of the global economy from the oil industry.

Release date:

28 minutes

Podcast