The price of Brent crude oil has fallen by
4.4% – to $77.52 against the original $80, its lowest level for four
The benchmark US crude oil price is also at a
four-year low, after losing $2.57 to close at
The price has fallen sharply to 30% below its June price.
The drop is believed to have reason as members of the OPEC oil exporting countries, which control
about 40% of world oil exports will not cut
OPEC’s 12 member countries will meet later
this month to discuss the global oil market.
Lower oil prices typically prompt OPEC
nations, which include the biggest oil
exporting nation in the world, Saudi Arabia, to
rein back output in order to limit supply and
boost prices and income.
Crude Oil price drops by 4.4% ;Lowest in 4 years