US Reaction to OPEC Oil Production Cut

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Oil prices have surged after several of the world’s largest exporters announced a cut in production.Saudi Arabia, Iraq and several Gulf states announced they were cutting output by more than a million barrels of oil a day. Also, Russia said it will extend its cut of half a million barrels per day until the end of the year. The price of Brent has risen by almost 6% as a result to around $85 a barrel. The cutback in production caught the rest of the world by surprise – not least in the US, which had been calling for an increase. Today oil producers in the US have been giving their reaction. Also – we look at 50 years of the barcode…technology which transformed the global supply chain.