MEPG: Changing relationships, oversupply rock oil market

Changing relationships and the threat of oversupply are rocking the oil market's foundations.While the market's supply manager edges toward cooperation with the consuming world, its largest consumer has put the Muslim world on edge with its deepening military quagmire in Iraq.The supply manager, the Organization of Petroleum Exporting Countries, soon must decide whether to continue ceding market share to nonmember producers, speakers said here Sept. 8 at the Middle East Petroleum and Gas Conference."Cooperation [between producing and consuming countries] is central to OPEC's thinking and has been for many years," declared Alvaro Silva-Calderón, secretary-general of the ex...

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