It was revealed by the Oil Minister in Iraq that the current scenario of the oil fields is not such that the nation needs to worry about. He was of the view that the current economic growth of the country would not be affected adversely by the prices of oil. He added that there is no need for the OPEC to speed up with its output.

There are a number of speculations laid in the global prices for fuel, after the inflation all over has crippled the common man.

There is meeting of the OPEC scheduled for this Wednesday and they are going to scrutinize every minute detail of this matter of increasing oil prices. There is a lot of pressure and discontent that the oil producers have to face from the government as well as the general public. This is the reason there is need for a quick and efficient solution for the same.

"I would look for another small to moderate trimming in global oil demand expectations in the neighborhood of 100,000 barrels per day”, Guy Caruso, former head of the EIA and current energy analyst at the Center for Strategic and International Studies, said about the EIA's forecast.