Saudi Oil Cuts Throw Last Year's Standout Economy Into Slow Lane - Bloomberg
Saudi Oil Cuts Throw Last Year’s Standout Economy Into Slow Lane - Bloomberg
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Abeer Abu Omar
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Saudi Arabia’s decision to extend its oil production cuts — part of a so far largely unsuccessful bid to raise prices — may trigger an economic contraction in what was the Group of 20’s fastest-growing country last year.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.