After a sharp fall at the beginning of the year, oil prices have risen dramatically in recent weeks. The price of Brent crude has risen by around $10 since it touched a short term low of around $62 in early February, hitting its highest mark since late 2014. Tensions in West Asia after U.S. President Donald Trump's decision to strike Syria helped push up prices. But it is important to separate short-term volatility in oil prices owing to geopolitical tensions from longer-term trends in the oil market. In its latest market report, the International Energy Association (IEA) noted that with oil prices ruling over $70, the Organization of the Petroleum Exporting Countries (OPEC) has "accomplished" its goal of ending the gluten global oil supply. Notably, OPEC cut production by around 201,000 barrels a day in March compared to February. Yet, total world oil supply actually rose by 180,000 barrels a day in March, as output from non-OPEC countries, including the U.S., has been increasing in response to higher oil prices. IEA executive director Fatih Birol said last week that the next wave of shale supply may be in the offing as oil prices have remained high for some time now. In India, rapidly rising international crude oil prices have failed to push local petrol and diesel prices upward sinequal measure. There tail selling prices of petrol and diesel across major Indian cities have infact risen by less than a rupee since the beginning of April. That is, they are not in sync with the upward risein crude oil prices. Last week, Prime Minister Narendra Modi called for more 'responsible' oil prices, which he said have been in "rollercoaster". Oil prices, hear gued ,need to factor in the interests of both consumer and producer.