BBCNEWS Business Briefing July 13, 2024
We start in the austrian capital, vienna, where a deal is being been done that will affect how much we pay for fuel next year. 0il ministers from the organization of Petroleum Exporting countries or opec for short and their allies, including russia, have been meeting to try and prop up the price of crude. Lets show you why. Back in 2017, they agreed to cut oil supplies to boost flagging prices. As you can see, until the end of last year it was working very well. But as prices rose, it encouraged Shale Oil Producers in the us to invest heavily, meaning american production is now at a record hig...