The Organization of the Petroleum Exporting Countries has agreed to its first oil output cuts since 2008. This is while Iran has once again stressed that Tehran will neither cut nor freeze its oil output. Non-OPEC Russia says it’s ready to gradually reduce its oil production by up to 300,000 barrels per day in the first half of 2017 as a part of its agreement with OPEC. In this edition of the debate, we’ll look at when oil prices dropped to historic lows, who was responsible for that, the role of US shale in this matter, and what this oil production cut means both economically and politically.
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