Opec Psst!: Want Some Cheap Crude?

Want Some Cheap Crude?

During the past four difficult years for the Organization of Petroleum Exporting Countries, Saudi Arabia has been its derrick of strength. But the oil industry churned last week with rumors that the rich kingdom has finally grown weary of that role. After trying to fight a global glut by cutting its output from 10.3 million bbl. per day in 1981 to about 2 million bbl. per day currently, Saudi Arabia now appears eager to move its merchandise again. Traders believe the country will try to double its sales by quietly offering price cuts that could include a $3-per-bbl. drop for its...

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