麻豆约拍

Last year the OPEC cartel of oil exporters got together with Russia to reduce production, to drain the global glut of supplies and it has worked, because the price of oil has surged, which has pushed up fuel prices.

Now the Russians and Saudis are considering increasing output, because OPEC members like Libya, Nigeria and Venezuela are struggling to increase their production.

John Hall, the chairman of Alfa Energy, tells the 麻豆约拍's Russell Padmore the global supply of oil is significantly out of balance with demand.

(Picture: A fuel service station in California. Justin Sullivan/Getty Images)