OPEC’s meeting this Thursday was one of the most crucial in recent years.
The oil price has plunged more than 30% since June so all eyes were on the cartel and its biggest producer – Saudi Arabia.
A day before the OPEC meeting, the Saudi oil minister said that the crude market would stabilize by itself. So said the United Arab Emirates.
Before the meeting the cartel was split over how to react to the sharp slump in oil prices while OPEC members and non-member Russia for example were trying to foresee whether they’d be able to balance their budgets.
Cheaper oil is also undermining the US shale oil industry’s profits, though the country’s economy has been surprisingly strong recently.
In this edition of Business Weekly we look at what’s behind the oil price slump and what the consequences could be.