Opec producers and allies have agreed to cut output by more than a fifth to counter the slump in demand caused by coronavirus lockdowns.
Opec+, made up of Opec producers and allies including Russia, held talks on Thursday via video conference.The group and its allies agreed to cut 10 million barrels a day or 10% of global supplies. Another 5 million barrels is expected to be cut by other nations. Kirill Dmitriev, head of Russia's wealth fund and one of Moscow's top oil negotiators told Reuters:"We are expecting other producers outside the Opec+ club to join the measures, which might happen tomorrow during G20."
In any other industry price fixing is illegal. But because of the power these oil producing countries hold over the rest of the world, they get away with it. Scandalous.
What happened to anti competition rules ?
If other industries did this would it be classed as price fixing ?
good news
Why
Time to top up the tank before the prices go back up.
Why would they do that? What is the purpose?
Just in case you were expecting really cheap gas at the pump.
***To combat fall in prices. Need to keep those prices up!
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