Bloomberg Businessweek

The Tables Have Turned

Why Saudi Arabia found itself begging for a deal to end the oil glut, while Iran dragged its feet | “Iran is the OPEC country that had to do fewer budget sacrifices due to cheap oil”

At a meeting in Algiers on Sept. 28, after two days of round-the-clock talks, the Organization of the Petroleum Exporting Countries agreed to the outlines of its first oil production cut in eight years. Ministers said that the group, which supplies about 40 percent of the world’s oil, will drop production to between 32.5 million and 33 million barrels a day. Most details, however, have yet to be agreed upon.

You're reading a preview, sign up to read more.

More from Bloomberg Businessweek

Bloomberg Businessweek18 min readSociety
400 Miles To The Nearest Psychiatrist
In all of eastern Montana, the state with America’s highest suicide rate, there’s exactly one practitioner. Rural America has a mental health care crisis
Bloomberg Businessweek4 min readPolitics
The Incredible Sinking Argentina
Over the last 70 years, Argentina has endured hyperinflation, government collapse, and the world’s largest sovereign debt default. It’s spent a third of that time in recession, a record that almost deserves its own chapter in economic textbooks. And
Bloomberg Businessweek3 min read
The Belle Of The Ball
With the advent of the smartphone, the point-and-shoot camera would seem redundant. The whole idea, after all, is a device that’s small enough to fit in a pocket and requires you only to “point and shoot.” The category is nonetheless having a creativ