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

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Article brought to us by Old Mutual.

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