For months, the Organization of Petroleum Exporting Countries had seemed ready for the obituary columns. The oil ministers of the 13-nation group, which once cowed energy-importing countries and commanded banner headlines with every pronouncement, had become a group of divided and argumentative men, powerless to halt a long slide in petroleum prices. Last week, though, OPEC suddenly sprang from its deathbed and caught the world's attention once again. After nine days of tense meetings in Geneva, the cartel adopted a plan to slash its daily oil production by some 17% in the hope of driving prices back up. The move, like...
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