Crude Oil Prices

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With sanctions lifted, Iran increased its Oil production and crude oil prices fell from US $ 100 a barrel in June 2014 to under US $ 28 a barrel in January 2016 and have now risen to US$ 40 a barrel in March 2016. This is due to the OPEC countries freezing their oil outputs. All these years the world and fuel consumers were at the mercy of the Oil Producing Countries and all those who had a stake in the price of Oil. Those countries who have to import their Oil requirements should look in for other sources of energy like Solar and Wind thus reducing their dependency on Oil.