than-expected economic growth. As for oil, the projected increase in demand was lowered to 700 thousand barrels per day. This fall comes as a result of the global economic slowdown at a time when oil production is increasing from several sources, such as oil shale, oil sands, ultra-deep water (below the salt layer), and some OPEC countries. These are mostly high-cost areas, but the high prices and technological developments over the past three years have contributed to the expansion of their production. All these factors together have resulted in a steep and rapid plunge in oil prices. Saudi Arabia and OPEC countries have sought to restore balance to the market, but lack of cooperation from major non-OPEC producing countries, combined with the greed of speculators, contributed to the continued decline in prices. Expansion in high-cost areas is not expected to continue, and producers will realize that it is in their own interests to cooperate to ensure fair prices for all. Current prices do not encourage investment in any form of energy, but they stimulate global economic growth, leading ultimately to an increase in global demand and a slowdown in the growth of supplies. --More 12:59 LOCAL TIME 09:59 GMT تغريد
