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Europe loses oil argument to OPEC

Calcutta News.Net - Monday 23rd April, 2012

OPEC countries have said they will not increase oil supplies to Europe, even though there have been requests for it to do so.

OPEC countries have decided that European consumers and producers should be able to cope with the current prices of oil and shortfalls from the boycott of Iranian fuel.

The European Union, along with other Western nations, placed an embargo on Iranian oil imports in January.

The sanctions pushed Brent Crude to above $128 a barrel in March, the highest since 2008.

Brent is currently around $119.00 a barrel.

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