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After Doha Failed, This Is the Country That Drove Oil Prices

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Striking Kuwaiti oil workers significantly disrupted oil production, temporarily halting production of about the same amount of crude that the world is oversupplying each day.

The three-day strike was ended Tuesday evening, according to a Reuters report. While analysts had expected a quick end to the strike, they say it does send a message to other producing nations that have implemented austerity as a result of falling oil prices.

The unanticipated strike in Kuwait took about 1.5 million barrels out of daily production, according to reports. Workers went on strike because of pay and benefit cuts. The world overproduces upward of 1.5 million barrels a day.

CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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