"Where oil is first found is in the minds of men"
Wallace Pratt (1885-1981)

Friday, 3 June 2011

The oil market is overstocked

This last article is important news that occurred on April 17th 2011, and it’s about how Saudi Arabia’s oil minister says that the oil market is overstocked. "The market is getting tighter and if it is tighter the price may go up, which may have a negative impact to economic growth," Nobuo Tanaka, the head of the International Energy Agency said. Oil ministers from different parts of the world believe that the oil prices are out of the hands of OPEC (Organization of the Petroleum Exporting Countries). Saudi Arabia’s oil minister says that we are cutting output supply (800,000 barrels per day) in order to send a signal to OPEC about the outrageous prices.

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