Ever since hitting a low of $25 in Febuary, oil price has been rallying to the recent high of $45. There has been a number of negative news that rightfully could have derailed the rally in oil price. The most significant one is perhaps the fallout among the OPEC members at the Doha meeting by major oil producers around the world including Russia. The objective of the meeting is to halt oil production growth and put a stop to the oversupply of oil inventories, thus reversing the fall in oil prices which has been hurting many oil dependent countries. However, the refusal by Iran to attend the Doha meeting, an arch enemy of Saudi Arabia, resulted in Saudi Arabia refusing to participate in the production halt even though many other oil producers which include Russia have agreed to the terms.  Without Saudi Arabia, which is one the largest oil producer in the world, the Doha talks fell apart and everybody in the world watch ......