by The New York Times correspondent
The Organization of the Petrol Exporting Countries have most recently agreed that they are going to reduce oil production by 7%, and thus aim for attaining a new worldwide equilibrium price. The organization’s secondary objective was to curb carbon emissions and reduce OPEC Member States’ environmental impact.
Not everyone agreed on the exact percentages, however. While the United Arab Emirates pushed for a reduction of 10% and Ecuador made case for 12%, the influential trio of Saudi Arabia, Algeria, and Angola agreed upon the final 7%.
It remains to be seen what sort of long-term impacts this decision shall have on global economy, but our correspondents are reporting a sudden surge in oil prices. For countries like Venezuela and Iran it might be a beneficial turn of events, yet the Russian Federation is also gaining a lot by finally having the means to sell their stockpiles at higher prices. Russia, a country facing major international condemnation for its brutal involvement in the Syrian civil war, has faced lot of economic hardships in recent years due to sanctions placed on it for the breaching of international law in the case of annexing Crimea and invading eastern Ukraine, as well as for having a major role in downing Malaysian airlines passenger plane MH17, killing all 298 people on board, including more than 80 children.