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Analyst experts said that the price of oil fell 27% last week. This decline is the week that has fallen the most since the outbreak of the Gulf War 17 years ago.
However, in the middle of last week, the Organization of the Petroleum Exporting Countries (OPEC), which supplies 40% of the world's total oil production, announced at an emergency meeting in Oran, Algeria that it would cut 246 times a day from January 1, 2009. Millions of barrels of oil production.
Analyst experts said that this is the largest production cut in OPEC’s history and will reduce the world’s oil supply by about 2.5%.
According to the "Commercial Standards" report on December 21, five analysts specializing in oil prices recently said that due to the global recessionary trend that reduces demand, crude oil prices are likely to remain at US$45 and US$60 per barrel in 2009. between.