A recent review reveals that OPEC countries have managed to meet met barely 66% of the 1.5 mln bpd cut planned by the cartel in November, adding that Countries such as Angola, Iran and Libya failed to reduce supply as much as the cartel had pledged. Further, deteriorating consumer sentiments due to a global recession continues to stifle global oil demand, sinking retail gasoline and crude oil prices to their lowest levels in nearly four years.
Crude oil is down to US$$46.96 on the New York Mercantile Exchange, about 70% down from their peak in mid-July. The average nationwide price of a gallon of regular gasoline was US$1.81 - levels reached on Jan. 15, 2005.
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