Sudan: Oil Boom - A Second Chance?

2 December 2018

Though it is an ordinary meeting, but the upcoming gathering of OPEC and non-OPEC allies in Vienna on Thursday carries a significant political and economic weight that may have implications even for Sudan.

The oil market has been going through a tumultuous period moving from cutting production by 1.8 million barrels per day (bpd) that was enforced early last year, then in June and fearing skyrocketing prices the main producers led by Saudi Arabia and Russia opened their taps for more oil supplies. Now and in less than six months, prices are on the decline to the extent that they lost some 30 percent of their value since October. Thanks to the record pumping by the three main producers: Saudi Arabia, Russia and the United States, who is now on the top as an oil producer pumping all time high 11.7 million bpd.

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