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Historic OPEC Deal Set to Drive Up Oil Prices

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.

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