For oil-producing countries, a spring flood of crude can be devastating. The last one, in 1986, sent prices plunging below $10 a bbl. This year another glut is surging forth, depressing prices of Persian Gulf crude from $18 a bbl. in December to about $13 currently. The causes: a warm winter in Europe and an increase in production among non-OPEC countries, ranging from Angola to Yemen.
But even those maverick producers seem ready to consider tightening their spigots. Last week in London, petroleum experts from non-OPEC countries met in an emergency session to discuss ways to mop up the glut. But...
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