Oil's New Boss

Venezuelan President Hugo Chavez strikes a fiery chord as host of a landmark OPEC summit. Is this a cartel the world should fear again?

It's easy to see how the various princes, sheiks and emirs might have felt a bit out of place at last week's 40th-anniversary summit of the Organization of Petroleum Exporting Countries. For one thing, members of the famously fractious group (given up for dead only a couple of years ago amid plummeting oil prices) hadn't been able to see their way through the wars, political infighting and price gouging to convene such a gathering for a quarter-century.

The other jaw dropper was that instead of making a quick jaunt to a neighboring desert kingdom, the heads of state and their massive...

Want the full story?

Subscribe Now


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!