OPEC heads for a showdown
With world oil markets already in shambles, ministers from the 13-nation Organization of Petroleum Exporting Countries are planning to gather this weekend in Vienna to make a desperate gamble. They will try to shore up the price of crude on world markets by agreeing to set a production ceiling of 18.5 million bbl. per day, down from 19.2 million bbl. per day currently, and to parcel out the resulting cuts. That is something that the fiercely nationalistic members of the organization have never before managed to achieve. Many Western analysts, emboldened by strife-torn OPEC's recent setbacks, are...
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