OPEC Knuckles Under

As demand for crude falls, the group cuts prices for the first time

I am truly troubled and with OPEC distressed, OPEC's major crisis is no longer suppressed, The market is stagnant, the price of crude oil depressed.

That bit of doggerel is the opening stanza of a poem written by Mani Said al Oteiba, Oil Minister of the United Arab Emirates, to commemorate the marathon twelve-day meeting in London of the Organization of Petroleum Exporting Countries that ended last week. The minister's lament reflected the mood of desperation that led...

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