Business: Bali High for Oil Prices

The cartel squabbles and then hikes the cost of crude

The oil ministers of the 13-nation Organization of Petroleum Exporting Countries gathered under unusual circumstances last week amid lush tropical greenery on the resort island of Bahi, Indonesia. For the first time in the group's history, two of its members were at war, and the battlefield confrontation threatened to spread into the conference room, thus weakening the cartel's fearsome control over oil prices. But after a two-day meeting, the OPEC nations agreed unanimously not to let the war between Iran and Iraq get in the way of boosting the price of oil...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!