According to the International Monetary Fund the world economy has decided to raise oil prices worldwide.
IMF reported that people in world have become aware on increase in oil prices, this will increase energy efficiency and greater diversity of energy sources between importing countries.
High oil prices have turn out to be a main concern for international policy creators as they struggle with fragile financial growth and the potential trouble of supplies from the world’s third–largest exporter, Iran.
Leaders of the G8 nations decided to release oil from their planned funds this month if there is further disorder to supply, saying that increasing delays in supply of to the world wide market may lead to great loss in worldwide financial growth.
On Monday, oil prices rose for the third straight assembly as dealers reacted to be short of movement in last week’s discussions on Iran’s nuclear programme.
The IMF accepted that large, sudden price changes remain difficult to absorb, particularly if they come from supply disruptions.