zagros.ws Current Events: World and Middle East News

Opec Reports Oil Price Drops

As reported previously a small drop in oil prices can hit hard on the oil producing nations, however they are set for a bumpy ride. Opec the oil producers group have announced they expect the demand for oil to drop further in 2010 as the economic lul to 27M barrels a day.

Demand for oil is set to stay low until predictions on the economy show signs of picking up. Despite the downturn in global demand China last month imported a record amount of oil as they imported 4.62M barrels per day.

Currently the price of a barrel of oil is around $70. This is significantly lower than the $149 it peaked at in 2009 but its also over double the cost it was at the start of 2009. And petrol prices?? I think thats another blog post!