Wednesday 17 August 2016

WHY OPEC MEMBERS ARE CUTTING PETROLEUM PRICES

The Minister of State for Pretroleum Resources Emmanuel Ibe Kachikwu PHOTO: TWITTER/NNPCThe current practice by the Organisation of the Petroleum Exporting Countries (OPEC) members of cutting the prices of their crude oil goes beyond just retaining market share.

Many are also desperate to meet economic development targets, which are being frustrated by the twin problems of oil price crash and market glut.

Read more @ The Guardian

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