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Article: Why Opec's back in business News Analysis: This time oil price rises may stick, spelling near- term economic danger
- Article from:
- The Independent (London, England)
- Article date:
- March 23, 1999
- Author:
CopyrightCopyright 1999 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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THE ORGANISATION of Petroleum Exporting Countries (Opec), which
meets in Vienna today, is back in business as a key influence on
world oil production.
After several years during which Opec's ability to influence oil
prices has waned, there are high hopes that it will be able to strike
a deal to curb production and provide a much-needed boost to the oil
industry.
Oil prices have already soared to a five-month high amid market
hopes of effective Opec action. Two weeks ago, at a pre-summit
meeting in the Netherlands, key Opec members hammered out a series of
proposals for production cuts.
Talk of production cuts was, in itself, nothing new. Just last
year, for example, Opec agreed a range of ...