OPEC and US energy policy

With a little effort from the major players, the political dimension of petroleum economics might soon progress into a new era more constructive than the past.This gleam of hope was not easy to see last week. A cut in production quotas by the Organization of Petroleum Exporting Countries drew angry responses in consuming countries. The higher oil prices presumed likely to result aggravated economic jitters greeting a new US president.Yet much good can come out of all this. The major players-namely the US and Saudi Arabia-just need to look beyond anxieties of the moment.Welcome foresightLast week, news reports in the US described OPEC's Vienna agreement to cut production as intended to...

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