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.


Recommended

by NEWSROOM AI
Read More
Hottest JSE-listed shares to buy, right now (by Arqaam Capital)

Hottest JSE-listed shares to buy, right now (by Arqaam Capital)

The Money Show’s Bruce Whitfield asks portfolio manager Ashraf Mohamed what he is buying right now.

Does South Africa need a special 'State Capture Court'?

Does South Africa need a special 'State Capture Court'?

The Money Show’s Bruce Whitfield interviews Corruption Watch Executive Director David Lewis.

How a farm boy became a businessman (and an inspiration to Thabo Mbeki)

How a farm boy became a businessman (and an inspiration to Thabo Mbeki)

Bruce Whitfield interviews Mkhuseli Khusta, author of “To Survive and Succeed: From Farm Boy to Businessman”.

Eish wena! Fuel prices to go up – yet again – in November

Eish wena! Fuel prices to go up – yet again – in November

Got an arm and a leg left? Or, at least, a good pair of tekkies? The AA has some terrible news for Mzanzi.

Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

The Money Show’s Bruce Whitfield interviews Nkayi about her attitude to money (hopes and fears, successes and failures, etc.).

Did Floyd Shivambu and the EFF benefit from the looting of VBS Mutual Bank?

Did Floyd Shivambu and the EFF benefit from the looting of VBS Mutual Bank?

The Money Show’s Bruce Whitfield interviews Business Day financial journalist Warren Thompson.

Popular articles
Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

Idols judge Unathi Nkayi gets intimate - opens up about money, beliefs about it

The Money Show’s Bruce Whitfield interviews Nkayi about her attitude to money (hopes and fears, successes and failures, etc.).

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

News 24 investigative journalist Kyle Cowan reports that Zuma was granted the loan despite the fact that he could not afford it.

Safe drop-off point launched for unwanted babies in Lavender Hill

Safe drop-off point launched for unwanted babies in Lavender Hill

The Baby Saver is a metal container outside a safe house. Responders are alerted once a woman places their unwanted baby inside.

'All those responsible for Sunday Times "tainted scoops" should be accountable'

'All those responsible for Sunday Times "tainted scoops" should be accountable'

Sanef's Katy Katopodis says the Sunday Times saga has done great damage to our society, democracy and to journalism.

C-section births have nearly double since 2000 - study

C-section births have nearly double since 2000 - study

Professor Justus Hofmeyr says there are a number of reasons why the number of c-sections has doubled.

Let your nose decide if docci claims into perfume industry are true

Let your nose decide if docci claims into perfume industry are true

Claims have been made that the perfume industry don't want consumers to know the real cost of making these products.

Snakes season is here and if the crawlies visit you, here's what to do

Snakes season is here and if the crawlies visit you, here's what to do

Snake handler Willem van Zyk of Blouberg Snake Rescue says he's already being kept busy with callouts.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.