Despite the OPEC’s announcement of oil production cut, the prices of crude oil remain low. The OPEC decision of reducing its oil production seems to have affect in the market. The oil prices are going around $40 per barrel in the recent trading. This is an indication that more and more people are seeking alternative sources of fuel. It might also be an indication that the OPEC’s power is now declining, which I think is good. The cartel has long been ripping every economy through its dominant position of producing oil, which has been the world’s primary source of fuel. But now that alternative sources of energy is becoming popular, the cartel’s position in the world market is starting to diminish.
Will this mean that the cartel is going to fall apart? Well, let’s just wait and see.
Posted by admin on January 6th, 2009 :: Filed under Uncategorized
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