The delegation of the United Arab Emirates has said that OPEC will continue to the keep the world well supplied with oil. There is a pressure on oil price in the international market. The price went below $105 a barrel from $ 147 a barrel in July. There have been demands from some countries such as Iran and Libya to reduce the output in order not to let the price fall below $100 a barrel.
The higher prices and rising unemployment rate have lead to a decrease in the demand in US which is the single largest user of petroleum products in the world.
The delegation of the United Arab Emirates has said that OPEC will continue to the keep the world well supplied with oil. There is a pressure on oil price in the international market. The price went below $105 a barrel from $ 147 a barrel in July. There have been demands from some countries such as Iran and Libya to reduce the output in order not to let the price fall below $100 a barrel.
The higher prices and rising unemployment rate have lead to a decrease in the demand in US which is the single largest user of petroleum products in the world.
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