Oil prices have fallen sharply after a key OPEC member called for more oil to be brought to market. Prices have plummeted as much as 17 per cent with oil now down to just over $115 (£87.27) a barrel, compared with recent highs of over $130 (£98.66).
The slump comes after an intervention from the United Arab Emirates (UAE) who have called on the Organisation of Petroleum Exporting Countries (OPEC) to boost supplies. In a statement the UAE's ambassador to Washington Yousef al-Otaiba said: “We favor production increases and will be encouraging OPEC to consider higher production levels. The UAE has been a reliable and responsible supplier of energy to global markets for more than 50 years and believes that stability in energy markets is critical to the global economy.”
