Oil is down to $63 a barrel, the lowest since May 2007. Oil prices have been more than halved since peaking at $147 a barrel in July.

Because the growth in global oil demand has slowed sharply in recent months, OPEC fears that the world will face a huge oversupply next year.

Does anyone still think that our 3% of the world supply is going to have a significant impact on oil prices?

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