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

April 20, 2016 Share Print 0

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

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.