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Will OPEC ask for help?

As the oil price continues to fall OPEC is in the process of arranging an emergency meeting with members. The price has now fallen to below $55 a barrel and many in the industry are very concerned about the short-term outlook. What a strange turnaround in that only a few months ago western governments were asking OPEC to increase oil output so the price could drift back from a high old $150.

There is major concern that as the worldwide economy continues to slow we will see less and less demand for oil in short-term and the price could drift even further. This would be a major blow to the OPEC countries although it would help to reduce the cost of living and inflation in many western countries. Maybe now we should take a look back at some of the investors who were suggesting that oil could go to anywhere in the region of $400 a barrel if the so-called "shortage" continued.

Many oil traders have had their fingers burnt as the price of black gold continues to decline on an almost daily basis. Quite what the future holds nobody is quite sure that OPEC is definitely more concerned than they were just a few short weeks ago.

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