Oil Slide

OPEC goes on a selling spree

Saudi Arabia has always considered itself the model of prudence and self-control among the 13 nations that make up the Organization of Petroleum Exporting Countries. When one of the other members threatens the group's strength by producing too much crude oil or selling it at a discount, the Saudis are usually the first to scold. Thus Saudi Arabia has perplexed the global oil industry this summer by boosting its output by 1 million bbl. a day beyond the country's voluntary quota of 4.5 million bbl. The extra crude has aggravated the world's surplus of oil and...

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