Crude Oil and Prices: OPEC needs to be shut down!
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Title: Crude Oil and Prices: OPEC needs to be shut down!

Essay Details:

Subject: Business
Author: Larry R
Date: December 5, 2014
Level: University
Grade: A
Length: 3 / 659

Essay text:

The article talks about a meeting with the members of OPEC in Doha, Qatar so that they can discuss cutting oil production and output. OPEC is thinking of cutting oil production and output by as much as 1 million barrels of oil a day, which is roughly about 4% of the current total output on an average day which is estimated to be around 27.5 million barrels. The reason they want to do this is so that the supply is less and then the price will then return to the high levels it was before the last few weeks. This will mean higher prices per barrel and higher prices for everyone at the gas pumps. The article then goes into saying that not all OPEC members want to cut there production levels, the Untied Arab Emirates (UAE) stated that they have no desire to cut production or output...

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