Opposition says cuts in oil production by world’s major producers, bad news for Jamaican consumers
The Opposition People’s National party says the recently announced cut in oil production by the world’s major producers is bad news for Jamaican consumers.
Yesterday (April 3) Saudi Arabia and other major oil producers said there would be reductions totalling up to 1.15 million barrels each day, from May until the end of the year.
The move will see a surge in oil prices worldwide.
In light of this, Opposition Spokesperson on Finance, Julian Robinson said with oil being linked to Jamaica’s major commodities, it is feared that citizens will feel the impact of the cuts in production.
Mr Robinson is also urging the Government to fast-track Jamaica’s efforts to reduce dependency on oil and to push to renewables.