OIL PRICES A: Slip Twixt Pump and Lip

Slip Twixt Pump and Lip

OPEC has plenty of plans for a comeback but is having no luck making them work. Only three months ago, the Organization of Petroleum Exporting Countries seemed to be regaining a grip on world oil prices. The group's agreement in December on a 7% production cut, to 15.8 million bbl. a day, managed to push prices even higher than OPEC's goal of $18 per bbl. But by last week it was clear that the group's clout had slipped once again, as world oil prices dipped as low as $15 per bbl. Several OPEC countries appeared to be cheating on the production...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!