Marketplace has a new podcast for kids, "Million Bazillion!" EPISODE OUT NOW

Fires and those who have been fired cause oil uncertainty

Jed Kim May 9, 2016
HTML EMBED:
COPY
Khalid al-Falih speaking during a press conference last year. MOHAMMED AL-SHAIKH/AFP/Getty Images

Fires and those who have been fired cause oil uncertainty

Jed Kim May 9, 2016
Khalid al-Falih speaking during a press conference last year. MOHAMMED AL-SHAIKH/AFP/Getty Images
HTML EMBED:
COPY

Recent headlines around the world have caused a lot of uncertainty in oil markets. Over the weekend, in Saudi Arabia, long-term oil minister Ali al-Naimi was replaced by Khalid al-Falih. The switch-up was part of a wider push by the kingdom to reduce its dependence on oil. 

Meanwhile, in Canada, one of the most damaging natural disasters in the country’s history is severely restricting oil production there. The massive wildfires in Alberta have shut down pumping from the oil sands around Fort McMurray, leading to a loss of more than a million barrels a day in production. That’s a loss of more than 1 percent of the world’s supply. 

Click the audio player above to listen to the full story.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.