Addressing plummeting oil prices. It's no secret: the cost of lower oil prices has weighed us down. Our economies have struggled, and spending had to be cut. Several of us have had to address and institute reforms that we never though we would have to.
It's needed that we reach a consensus on oil prices before the new year, 2017. As much as we would want to maintain our share, the lower oil prices have axed our foreign reserves.
Iran's act of overflowing the market with their oil. In the last year, Iran has raised its production by 750,000 barrels, hurting our economies unlike no other. While production in US and North America has faltered, Iran maintains a contradictory position being the member of OPEC whilst hurting interests of their partners.
Our economies cannot sustain such prices for long, and the bystanders enjoying the show must be cautioned, that oil does in fact remains the only viable source of energy, and will remain for a long time to come. However, if fail to address the slump of 2 years, we risk our governments, we risk destabilizing the world. Truth is, being benefactor of such unbound wealth that we sit on, we're both at the advantage of disadvantage of depending on oil too much for our exchequers.
The meeting shall be held behind close doors in Vienna. All members are expected to address the concerns that may end up charting the paths our nations.
Event Holder: OPEC
Source of data: Oil Supply and Demand | BP Statistical Overview of Energy Statistics
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