“Let’s start with oil prices, now under $50 a barrel…it is likely going to remain relatively low for, at the near term, the next several years,” Biden said.
Biden urged that it was up to governments to “keep up with fundamental changes” in the “new moment” of energy that he said was not just taking place in the Caribbean “but worldwide.”
Global oil prices began to fall sharply during summer 2014 amid an oversupply in the market. Prices then dropped further after the Organization of the Petroleum Exporting Countries, whose 12 member states account for some 40 percent of world oil output, decided not to cut production in late November.
On Monday, March futures for Brent crude oil decreased by 0.95 percent reaching $48.33 per barrel. The price of West Texas Intermediate (WTI) light sweet crude oil futures for March delivery also dropped by 1.13 percent to $45.08 per barrel.
