A day after the OPEC deal to cut oil production kicked in..
And prices are finally picking up.
Brent crude rose to over 57 dollars a barrel - its highest for 18 months.
So too was light crude.
But someone's gain is another's loss
And in Mexico it's consumers now hurting.
The cost of petrol there has increased 20 percent.
"This gasoline hike is laughable. To talk about gasoline costing this much when the minimum wage is 80 pesos is a joke."
Mexico began phasing out government-set prices at the pump last year.
The international increase in cost is another blow for consumers.
It's a similar problem for other developing nations.
If oil prices rise too much, other sectors suffer.
"The general thought process is it's somewhere around the sort of 50 to 60 dollars per barrel, I think if we start getting beyond that 70 - that's when we start to really worry that consumers are going to have to put more towards filling up the tank, rather than spending on other things and keeping the economy going."
And that would lead to reduced demand.
Once again hurting oil producers.
Something they've probably had enough of already.

A day after the OPEC deal to cut oil production kicked in..
And prices are finally picking up.
Brent crude rose to over 57 dollars a barrel - its highest for 18 months.
So too was light crude.
But someone's gain is another's loss
And in Mexico it's consumers now hurting.
The cost of petrol there has increased 20 percent.
"This gasoline hike is laughable. To talk about gasoline costing this much when the minimum wage is 80 pesos is a joke."
Mexico began phasing out government-set prices at the pump last year.
The international increase in cost is another blow for consumers.
It's a similar problem for other developing nations.
If oil prices rise too much, other sectors suffer.
"The general thought process is it's somewhere around the sort of 50 to 60 dollars per barrel, I think if we start getting beyond that 70 - that's when we start to really worry that consumers are going to have to put more towards filling up the tank, rather than spending on other things and keeping the economy going."
And that would lead to reduced demand.
Once again hurting oil producers.
Something they've probably had enough of already.

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• 1.

  What hit 18-month highest?

  a) interest rates

  b) oil prices

  c) consumer price index
• 2.

  What caused the increase?

  a) the OPEC deal to cut oil production

  b) extensive depletion of the resource

  c) government policy
• 3.

  How much is Brent crude a barrel?

  a) over 37 dollars

  b) over 57 dollars

  c) over 75 dollars
• 4.

  Which country's consumers are hurting?

  a) Mexico

  b) Iran

  c) Russia
• 5.

  How much has the cost of petrol increased in Mexico?

  a) 2 percent

  b) 5 percent

  c) 20 percent

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