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When OPEC formed in 1960, the price for a barrel of oil was below $20. On October 17, 2008, the price ended at $69.85 (“Oil Price”, 2008).
At an OPEC meeting in September of 2008, members voted to cut production of oil, thinking that this would to help stabilize the price of oil. Saudi Arabian representatives agreed to this cut while at the meeting, but announced the next day that they would be producing as much oil as was needed to keep supply levels up (Mouawad, 2008)...
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Saudi Arabian representatives agreed to this cut while at the meeting, but announced the next day that they would be producing as much oil as was needed to keep supply levels up (Mouawad, 2008).
Consumers may be interested in these important facts about oil. The most common method of measuring oil is by barrels...
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