An oil miniglut cools off demands from the cartel
Whenever the 13 members of the Organization of Petroleum Exporting Countries get together, two things seem certain: they will bicker vociferously among themselves, and then they will raise the price of their precious crude. That is precisely what happened at the OPEC oil ministers' 57th meeting last week at the El Aurassi hotel in Algiers. After lavish feasting on caviar and couscous, the oil ministers argued until 3 a.m. but then reached a compromise that allowed some of them to push the price of oil still higher. The 13 countries decided...
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