Breakfast Business with Joe Lynam
Breakfast Business with Joe Lynam
Newstalk
A plan to push up prices of oil production
7 minutes Posted Apr 5, 2023 at 5:45 am.
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Show notes
Oil spiked last summer at around $123 per barrel after Russia’s invasion of Ukraine and its attempt to use energy as an economic weapon. It’s since fallen back quite a bit and stood at $75 last month.
Now the plates are back up in the air after the OPEC+ cartel said it would slash oil production by 1 million barrels per day in order to push up prices.
Robert Maxwell - Oil analyst joined Joe this morning.