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World Business Report: First broadcast 2016/11/30 22:32 GMT: Oil price soars as OPEC agrees production cut

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Oil price soars as OPEC agrees production cut

First broadcast 2016/11/30 22:32 GMT

First broadcast 2016/11/30 22:32 GMT: Oil price soars as OPEC agrees production cut

BBC World Service - World Business Report, Oil price soars as OPEC agrees production cut

Oil cartel OPEC has agreed its first production cut in eight years

The price of oil soars as the cartel OPEC has agreed its first production cut in eight years; Donald Trump appoints former investment banker as US Treasury secretary

The oil-producing countries of OPEC have agreed their first production cut in eight years, sending the price of crude surging more than 8%. Will the countries hold to this agreement? Miswin Mahesh, an oil analyst at Barclays, talks us through the deal. During his campaign Donald Trump promised to "drain the swamp" of special interests, with particular reference to Wall Street insiders, so it has raised some eyebrows that he has appointed former Goldman Sachs investment banker Steve Mnuchin as the US Treasury secretary. Zachary Mider of Bloomberg tells us more about the man and his promise to effect the "largest tax change since Reagan". India is still the fastest growing major economy in the world, confirmed by its latest GDP figures. These numbers, however, don't include the effect of the recent bank note withdrawals. Yogita Limaye in Mumbai tells us how analysts and business owners are factoring in a major drop in demand for the near future. Zambia recently cut fuel subsidies to reduce its budget deficit, but the move is proving painful for people and small businesses. Kennedy Gondwe reports from Lusaka, where the cost of transport has risen on average by 35%. The history of Belgian beer stretches back centuries to medieval monks, and now Unesco is being asked to add the drink to its Intangible Cultural Heritage list. Beer sommelier Jane Payton explains why Belgian beer is deserving of such recognition.

(Picture: OPEC Vienna Conference - Picture credit: Herbert Neubauer  / Getty Images)

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First broadcast 2016/11/30 22:32 GMT: Oil price soars as OPEC agrees production cut

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