OIL PRICES LIKELY TO REMAIN LOW DESPITE CUTS BY OPEC

This article gives the background. In recent weeks the price of oil has increased slightly from $40 a barrel to around $50. The middle eastern oil states which make up OPEC have decided to cut back on production in the hope that oil prices will rise further, but it appears that USA production is set to remain high and the world will continue to have production outstripping supply for the next year or two at least.