Like Chicken Little's warnings that the sky was falling, predictions of an imminent drop in international oil prices have proved prematureso far. Few experts now expect a major price cut soon. Yet all is far from well with the Organization of Petroleum Exporting Countries. Because world demand for crude oil diminished sharply in recent months, the cartel is feeling the strain of a rapidly building global surplus, and some prices are beginning to crumble around the edges.
Storage tanks in Europe, the U.S. and elsewhere are brimming with oil. In some cases, ships are being turned into floating petroleum repositories....
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