23/07/2001

Oil Prices Hit New Low

There has never been a better time this year for homeowners to buy their home heating oil.

Brendan Murray, Emo Oil Marketing Manager said: “In November last year prices were on average £234 for 900 litres, while today it stands at £175 - £180 for the same quantity. Crude oil prices have been on a downward spiral this month due to reduced global demand and an increase in the crude stock levels.”

However, Mr Murray warned that it does not look as though these prices will last for long. “OPEC, the organisation of the major oil producers, is set to meet on September 26 to review prices. He said that there were rumours that suggested a cutback in production, in the region of at least 500,000 barrels per day, could be on the cards prior to this meeting.

It is expected that this will force oil prices to rise later in the year. (SP)

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