News Journal

Opec meet to discuss falling oil price

The price of a barrel of oil was below $55 last week after going to a peak value of $147 dollars in mid-July. Hundreds of billions of dollars have been lost by Cartel members as the demand of oil lowered across the globe.

An Opec member from Venezuela suggested that a cut in production may help prices to increase. The members said that they are waiting for the meeting in Algeria to finally take a decision.