With the pace of global growth slowing down, people are worried about the demand of oil falling. This has led to a further decrease in oil prices on Wednesday. The promise of output cuts by OPEC has been outweighed by what traders perceive to be a fall in demand for oil. Besides, traders feel that any cuts implemented now will take a few months to have any impact on the market.
The fall in prices are beginning to alarm OPEC nations, several of whom depend on oil for most of their revenue.
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