USD 80.5268

-0.16

EUR 93.3684

-1.09

Brent 66.42

-0.27

Natural gas 2.801

-0.01

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OECD Tries To Hold Up Oil Crisis

Angel Gurria, the head of the The Organisation for Economic Co-operation and Development, OECD, expressed his views that the proposa...

OECD Tries To Hold Up Oil Crisis

Angel Gurria, the head of the The Organisation for Economic Co-operation and Development, OECD, expressed his views that the proposal to slash fuel taxes or subsidising prices can be disastrous.

Addressing at the annual meeting of the world's richest countries, he held that the best answer to high oil prices is actually high prices that lower demand.

The members of OECD are attempting to come to a consensus about plans to deal with climate change and reduce the consequences of the world financial crisis. OECD’s annual meeting comes at a time when the world is confronting an increasingly sluggish economy and increasing oil prices, which had recently touched the mark of 135 dollars a barrel. OECD is bringing together business, governments and pressure groups in an attempt to find a common ground on how to reduce greenhouse gas emission and slow down global warming.

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