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nndb oil prices dropping more than sixty percent in the last sixteen months with U. S. crude below fifty dollars a barrel level that could be the new normal at least for the next five years , a report that you gave an international energy agency he's weak demand for oil keeping prices below eighty Bucks a barrel to twenty twenty you extracting them flooding the market while economic worries overseas weakening demand for energy EID executive director telling Reuters a sustained period of low prices could hurt high cost producer suggest Canada and Brazil but any decline in output could be met by growth in Iraq and Iran