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Is OPEC looking to squeeze the price of oil higher?

Over the last few months the price of oil has been a major concern to governments around the world as inflationary pressure continues to grow and economic recovery in many areas of the world is put at risk. However, the price of oil is currently over $80 a barrel which is above and beyond the comfort of between $70 and $80 which many had assumed was OPEC's target. So why has OPEC yet to respond to a spiralling oil price?

While there has been no official comment from OPEC it is believed that an oil price of $90 a barrel would prompt an increase in supplies from OPEC members and hopefully reduce some of the pressure on demand. It is unclear as to why OPEC has yet to make any formal comment on the price of oil, bearing in mind its recent strength, but there are growing concerns that the position of oil in the economic food chain could lead to increased inflation around the globe.

Motorists in the UK have been hit harder than most around the world as a mixture of increased taxes and higher oil prices have come together in what has been called a nightmare scenario by many.

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