With the world facing some major oil crisis, now is an excellent time to produce more oil. Otherwise, the gas prices in the US as well as throughout the world is more than likely to skyrocket in coming years. Keeping this in mind, OPEC was asked to boost up gas production by the US. Recently, the Organization of Petroleum Exporting Countries (OPEC) ministers met up in order to discuss some major issues. The crucial meeting was held in order to discuss whether the oil producing countries would crank up the amount of gas produced or not.
Samuel Bodman, the current US Energy secretary asked the OPEC to increase production. Reportedly, the oil inventories have been running low and Mr.Bodman discussed the matter with OPEC ministers. However, the ministers from UAE, Qatar, as well as Venezuela decided that there is no need to boost up production.
The fluctuation of the recent oil prices is mostly due to other factors involved. OPEC ministers follow the lead of the ministers from Saudi Arabia. The ministers are also discussing the oil issues with International Energy Agency as well. Together, they are trying to push the prices downward. Although, the prices skyrocketed to a whopping $98.18 per barrel recently, it is likely to go down soon. The bottom line is that the ministers are still undecided on oil production decision.
Image: Acc-tv
