The real reason why oil is so expensive

Garry White looks at why OPEC has dropped production, and finds that the Middle East's energy crisis, combined with unsustainable government subsidies, is the real driver behind the high oil price.

OPEC pumped an average 32.35m barrels a day in March, down 85,000 barrels from February. Production by the 12 members with quotas (all except Iraq) fell 30,000 barrels to 29.97m barrels a day. This is the first time output has fallen in seven months.

On Saturday, OPEC's Secretary-General Abdullah al-Badri said during a trip to Iran:

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