OPEC the worlds biggest oil producers have decided to cut their oil output roughly in half – what is the result

The world is gradually transforming from a fossil fuel based energy system to a renewable system. We all know (I hope at least the readers here) that we need to stop using oil and gas.

Unfortunately at the moment, much of the system in the west is reliant on these resources. As a result, a move like this does hit us hard. Higher prices are going to hit us. This is going to happen because OPEC, a group of countries which have agreed to set quantities of output together. Including a variety of countries, from the middle eastern countries to places all over Africa.

Perhaps one of the good things that might come out of this, is the fact that it will be a slap in the face for much of the fossil fuel using countries. We need to see a point in investing in net zero industries that can cut our emissions until we reach zero. The aim is to cut oil available by 2 million barrels per day.

In the long run, obviously, OPEC does not want the world to move away from fossil fuels, as they will then have to find another source of revenue, but it is going to happen in the next few years either way.

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