Not long ago opec and other Oil Exporting Countries agreed to cut production they wanted prices but the oil cartel is finding it harder than they thought at school prices continue to fall also coming up the u. S. Justice department accuses china of economic espionage charges to chinese nationals as the trade war between the two economic superpowers opens a new frocks and how a hand sized mollusk provides a billion dollars line for a struggling region. Im first of call welcome to the program the price of frank crude recovered slightly on friday after having slipped to its lowest level in fifteen months earlier oil prices have been steadily sliding for weeks dropping more than Twenty Five Dollars since the beginning of october when they were hovering around Eighty Dollars investors had hoped to supply cuts from opec or prop up prices of the cartel of oil producing
countries is finding that easier said than done. Earlier this month the Oil Cartel Opec and its partner countries agreed to c
it has eked up a little bit, for a barrel of brent, $35.05 for a barrel of brent, $35.05 for that. for a barrel of brent, $35.05 forthat. hong for a barrel of brent, $35.05 for that. hong kong is closed for that. hong kong is closed for the lunar years celebrations. that numbers were closed on monday. the japanese nikkei is trading today up i.7%. this nikkei is trading today up 1.7%. this with a regular. cornelia meyer is on hand to give us her predictions, economist and energy analyst. good morning to you, cornelia. do tell. what do you think opec, do tell. what do you think 0pec, thus, may decide today? they will certainly go up 400,000 barrels a day, a day for the next month, from march. they have agreed to do that from august last year to december this year. but they may go higher, this, at the
nuclear talks which could add another ten barrels or so, there have been very positive noises from vienna of late to do with that. yes, there are some surprises, result that could come in, at this point it looks kind, the market trajectory, we are in a very high backward station, the price for a boil a day is higher than a barrel in a months time. always a sign of a tight market. months time. always a sign of a tight market- tight market. talk to us through tight market. talk to us through how tight market. talk to us through how things - tight market. talk to us through how things are | tight market. talk to us - through how things are within opec, through how things are within 0pec, and there are other oil producing friends, 0pec plus as they are known. is there dissension in the ranks, there is always a problem with compliance of they go ahead with new ideas on production levels. , ., ., levels. this time around the dissension levels. this time around the dissension is l
though, oil has been on a steep upward trajectory over the past year with some analysts now predicting it won t be long before it hits $100 a barrel. well, there are three main reasons. firstly, there s now growing optimism about the speed at which the global economic will recover from the coronavirus pandemic. secondly, geopolitical concerns. as well as the ongoing tensions between russia and ukraine, a suspected drone attack by yemeni houthi rebels in the united arab emirates blew up three fuel tankers last week. thirdly, restricted supply. according to research by 0ilprice.com, opec countries collectively produced 674,000 fewer barrels per day last month than they had previously agreed to. let s see how oil is doing right now.