Crude oil prices are down 57 percent from their peak of about $147, eroding budget surpluses in Persian Gulf states. The six Arab Gulf economies, which pump almost 23 percent of the world's oil, need prices to remain above $60 to $65 a barrel to sustain spending, investment bank EFG-Hermes Holding SAE said in a report Sept. 23. Oil fell to a 17-month low of $63 today.
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What this should do once again is force OVERPRODUCTION, driving prices lower.
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