Scarcely a dozen years ago, in the short span of two months, the Organization of Petroleum Exporting Countries arrogantly assaulted the industrialized world by quadrupling oil prices, to $11.65 per bbl. At a four-day meeting in Geneva last week, OPEC showed only a shadow of its former power. With the world awash in oil and consumption down, the once all-powerful OPEC cartel has an ever diminishing impact on global markets.
By most estimates, 80% of all oil produced today sells for as much as $2 per bbl. below OPEC's prices, the highest of which is $28 per bbl. for top-quality light...
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