OPEC admit concern

OPEC oil producers have revealed that they are looking at ways to reduce oil prices and will put their options forward at the September meeting of the board.

The oil cartel have become increasingly concerned over the escalating price of oil over the past few months.

"We are becoming increasingly concerned at the continuing high level of oil prices, which does not properly reflect the underlying fundamentals of the market," said Sheik Ahmad al-Fahd al-Sabah.
"OPEC will be exploring various options for the September meeting which will hopefully contribute to moderate prices."