Energy Price Deflation: Crude Dips 6% to 7-Year Low; Gasoline Below $1.50; Central Banks to Blame for What’s About to Happen

At an informal meeting ahead of last Friday’s official meeting, Russia and Iran Rejected the Saudi Proposal . Saudi Arabia has long insisted it would cut production only if fellow OPEC members and non-OPEC countries joined in. The report quoted a senior OPEC delegate as saying the Saudis would agree to cuts if Iraq freezes production rises and Iran and non-members such as Russia, Mexico, Oman and Kazakhstan contribute.

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Energy Price Deflation: Crude Dips 6% to 7-Year Low; Gasoline Below $1.50; Central Banks to Blame for What’s About to Happen