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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 high. That meant too much oil. Prices coming down again and financial problems for countries who rely on oil exports. So, they are planning to cut production further, by another 500,000 barrels per day. If the deal is signed off, that would mean total production cuts of 1. 7 Million Barrels per day, equivalent to 1. 7 of the worlds supply. Analyst roger diwan is at the meeting. He said a deal is cruc

Milton keynesUnited kingdomUnited statesSaudi arabiaColetta smithRudy giulianiSimon watkinsAndrew neilHarley watsonThomas cookTerence gloverOrganization petroleum exporting countriesPetroleum exportingPetroleum exporting countriesPetroleum exporting countries opecOil supplies