OPEC's President: "No Shortage of Oil"
In the run-up to the war in Iraq, crude oil prices shot to levels not seen since the last Persian Gulf crisis. Since the war began, however, prices have dropped back to earth. Crude oil at the New York Mercantile Exchange is hovering close to $30 a barrel, a far cry from the nearly $40-a-barrel levels seen a few weeks ago. Indeed, according to Geneva-based energy consultancy Petrologistics, the cartel boosted production by 1.3 million barrels a day in March.
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