Energy: Opec's Summertime Blues

Opec's Summertime Blues

The setting for the meeting was Taif, a restful summer retreat outside the Saudi Arabian city of Jidda, but the mood of the participants was far from relaxed. Representatives from nine of the 13 feuding members of the Organization of Petroleum Exporting Countries got together informally last week to debate what to do about falling oil prices. Several members of the group, including Nigeria and Ecuador, have been offering under-the-table discounts and exceeding their OPEC-decreed production quotas. As a result, Saudi Arabia's King Fahd directed Sheik Ahmed Zaki Yamani, his Oil Minister, to deliver an ultimatum to the rest of OPEC....

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