Recently OPEC meet was held in Vienna, Austria where the member countries could not reach to a consensus to reduce the production of crude oil. Crude oil prices are at the 7 year low and OPEC is upbeat on production front which means prices may hover around $40/barrel and even may go below this level. OPEC has one third market share in the oil production market and Saudi Arabia is the biggest player in this group.
If OPEC does not reduce the production we may enjoy this low fuel prices for longer time.
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