OPEC facing dilemma over prices

CGES consultancy warns current oil prices will hamper global economic recovery, energy demand.

The above news is probably just a indication that they are happy with the current price as they can divert the investment on more complex but more efficient method of extracting oil from the ground or deep sea oil reserve.

However, the economy might not be able to handle such “high” prices and might suffer “economic earthquake” again if the oil prices goes up more than current prices between $70 to $80 per barrel.

The last time we seen the oil prices above the $100 per barrel mark, sub-prime market goes crazy causing some banks to go belly up screaming for “bail out” from uncle Sam.

Now, the oil prices depends on several factors below.