Oil price surges by 8% as desperate Opec cuts production for 1st time since 2008

Members of the Organization of the Petroleum Exporting Countries (Opec) on Wednesday committed to their first oil production cuts since 2008.

This sent the price of oil up by 8% to over $50 per barrel.

The Money Show’s Bruce Whitfield interviewed Gary Booysen, Director at Rand Swiss.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

These cuts still don’t balance the oil market.

Gary Booysen, Director at Rand Swiss

Opec is almost folding.

Gary Booysen, Director at Rand Swiss

The US shale gas producers are surviving [at these low oil prices].

Gary Booysen, Director at Rand Swiss

There’s been enormous advances in shale, though some producers have gone out of business.

Gary Booysen, Director at Rand Swiss

The world has to wean itself off oil.

Gary Booysen, Director at Rand Swiss

We don’t see a return to $80 a barrel.

Gary Booysen, Director at Rand Swiss

This has lit a fire under Sasol.

Gary Booysen, Director at Rand Swiss

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.

Read More
How to be a lion (a review of a book on daring to dream and living fearlessly)

How to be a lion (a review of a book on daring to dream and living fearlessly)

The Money Show’s Bruce Whitfield interviewed Rakesh Wahi (CNBC Africa and Forbes Africa) for his weekly business book review.

Johannesburg to get Africa’s first smartphone factory

Johannesburg to get Africa’s first smartphone factory

Onyx Connect says it will create 600 jobs and make a smartphone in Johannesburg for about R415.

John Berks ("the least amiable man on radio") hilariously opens up about money

John Berks ("the least amiable man on radio") hilariously opens up about money

What does 702’s former Breakfast Show host John Berks believe, hope for and fear about money? Does he have, and want, lots of it?

3 shares you’ll do well to buy before Christmas (by Nedbank Private Wealth)

3 shares you’ll do well to buy before Christmas (by Nedbank Private Wealth)

Make some money, buy these three stocks, says portfolio manager Dino Voulakis.

How to raise funding (at each stage of your business’ growth)

How to raise funding (at each stage of your business’ growth)

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.

How to best invest a lump sum

How to best invest a lump sum

Got some money in the bank, earning peanuts in interest? Here’s how to make it work harder for you in the most tax efficient way…