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OPEC Member States Intensify Efforts To Stabilize Oil Prices

The Organisation of Petroleum Exporting Countries ( OPEC) has intensified efforts to address the sharp plunge in the price of crude in international market, as the crash in basket of oil dropped from $100 per barrel to $83.37.

However, there are no obvious signs of panic emanating from the cartel.

Three OPEC major stakeholders namely; Saudi Arabia, Kuwait and Iran have also moved for the need for action to combat the price slide.

Saudi Oil minister Ali Naimi, in Kuwait for a regular meeting of Gulf Cooperation Energy ministers,expressed some calm over increase the increase stating that oil prices “always go up and down.”

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