Now the bill for the oil price war must be paid

Not since World War II has as little new oil been found as now, and this could prove expensive.

Photo: Nabil al-Jurani

Nobody in the international oil industry is surprised that crude oil prices are headed toward USD 70 per barrel.

Over the past 12 months, OPEC and a dozen other oil-exporting countries have reduced production by 1.8 million barrels of crude oil daily while it was decided at the latest OPEC meeting to extend the supply cuts until the end of this year.

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