Three years ago, OPEC was a global oil power whose $35 price per bbl. of crude meant nightmarish gasoline prices and stagnant economies for the industrialized world. But along with staggering energy costs came recessions and conservation measures that whave resulted in a worldwide oil glut. Last week the 13 members of OPEC 1 gathered in Vienna and struggled to hold onto their bench-mark price of $29 per bbl. and a production ceiling of 17.5 million bbl. a day that they established in March 1983.
The oil ministers may have to live with the glut for...
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