Oil prices are falling in the global market

In the past few weeks, the world market has increased rapidly in oil prices. But now the oil prices have started to slow down quickly.

The CNN report said the barrel price for US crude oil was $ 73 last week, which dropped by almost 10 percent this week to $ 66.50. Global benchmark Brent Crude Oil price last week was $ 80. This week's price was reduced by 6 percent to $ 76.

Saudi Arabian hands have been behind the oil price. Saudi Arabia's Energy Minister Khalid Al-Falih said in a discussion on Friday in Russia that they are discussing with Russia and OPEC of the world's oil exporting countries to meet the oil needs around the world. After the comment, oil prices started to decline.

OPEC oil producers, who had themselves built a limit on oil supply in 2017. They will sit in a meeting in Vienna on June 22 to reduce the limit.

Al-Falih said, "The goal of oil suppliers is to keep the oil market stable, and if we do change our policies in June, we will do so."

Falih commented that Russia and OPEC may increase oil supply in recent months due to the decrease in oil supply from Venezuela and the impact of US rivalry with Iran on the oil market.

By Monday, there was a surge in US oil extraction. The US has increased oil lifting by 25 percent in the middle of 2016. They are thought to have increased lift to profit from the high value of oil.

Due to the reduction in oil prices, the owners of the vehicles and the drivers will be benefitted. Along with this, the companies that use bulk oil will also be benefitted. For example, if oil prices fall, airlines may make more profit.

Earlier this year, the price of oil barrel was between 60 and 70 dollars. Experts claim that this price is worthwhile.