Making Oil a Scarcer Commodity

To shore up sagging prices, OPEC aims to cut output

"OPEC never was a cartel, and it is less so now. I wish it were a cartel, because we would have much stronger enforcement of the rules."

Those words by Subroto, the Indonesian Oil Minister and the current president of the Organization of Petroleum Exporting Countries, show how the once mighty oil group has fallen. Only a few years ago, whenever OPEC met, the world anxiously waited in fear that the petroleum producers were about to raise oil prices again. But last week at an...

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