Global growth fears have been weighing on oil prices for months.
But when the International Energy Agency forecast higher output and lower demand growth – they really crashed.
Markets were closely watching OPEC, which controls about one third of global oil supplies. In the past the cartel responded to low prices with production cuts, but recent signals from its members are different. The group’s biggest oil producer, Saudi Arabia, says it is comfortable with lower prices. The same for Kuwait.
What’s happening? Why have crude prices been falling dramatically, and why is nobody making moves to stabilize them?
These are the questions we address in this edition of Business Weekly.
Analyst Angus Campbell from FXPro will help us with that.
As well as the reasons behind the price slump, we will also look at the consequences for economies relying heavily on oil revenue.
That is all in this special oil edition of Business Weekly.