On July 14, 2006 (June 19, 2006 in the lunar calendar), international crude oil prices fluctuated violently. On July 14, 2006, crude oil futures prices on the New York Mercantile Exchange were affected by the Iranian nuclear issue and other factors, and once hit a record high of US$78.40 per barrel. Since then, as global crude oil inventories have increased, market concerns about tight crude oil supply have eased, and oil prices have begun to fall sharply, falling below US$60 per barrel. On October 20, the Organization of Petroleum Exporting Countries (OPEC) decided to cut crude oil production to prevent a continued sharp decline in oil prices. Oil prices in the New York market currently fluctuate around US$60 per barrel. Falling oil prices will help the world economy continue to grow.