Before the uprisings began in Libya in February, the nation produced 1.6 million barrels of oil per day, and was responsible for two percent of the world’s oil supplies. Six months ago, shipments stopped at the rebellion grew there. The loss of Libyan oil drove up the price of Brent crude, which is sold to […]
President Obama said yesterday that there’s no denying that economic recovery is struggling. At today’s OPEC meeting in Vienna, Saudi Arabia is pushing for an increase in oil prices, in the hopes that it will speed global economic recovery, while Iran and Iraq say they want to see oil prices remain steady.
Oil prices fell below $70 a barrel yesterday for the first time in 14 months. That’s less than half its record high just three months ago. OPEC members have decided to hold an emergency meeting next week in Vienna to figure out how to shore up prices.