Like the Ewing and Barnes families on Dallas, the quarrelsome clan that is the OPEC cartel serves as a comforting reminder that the rich have troubles too. OPEC's bench-mark oil price of $28 per bbl. has lately been undercut by non-OPEC producers like Mexico, which last week slashed prices on its best light crude by $1.25 per bbl., to an average of $26.50. Several OPEC members have been cheating on the cartel's production quotas, thus contributing to an oil glut and sliding prices on the world market.
In an attempt to stabilize prices, delegates from OPEC's 13...
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