OPEC currently supplies around 40 percent of the world’s oil requirements. There are reports coming out of the office of the Kuwaiti Oil Minister that fuel price will experience a hike after OPEC has reportedly said that it will not boost fuel production until the price of oil has ceilinged at $100 per barrel.
This cautious move by OPEC comes from its understanding that economic recovery does not depend on the rising prices of oil. The current price of oil is $71 per barrel. Crude oil pricing has seen an increase of 60 percent this year following a plunge caused by poor demands during the global economic downturn.
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