Editorial: The blame for oil prices

12/03/2001
The most valid insights about oil prices to emerge recently come not from the world's most important exporters, not from the world's single largest oil market, but from motorists in Europe.Everyone everywhere wants to blame someone else for discomfort associated with the price of oil. Few get it right.The urge to fix blame has infected the Organization of Petroleum Exporting Countries. The target is Russia. When crude oil prices were $30/bbl and above and OPEC was cutting output, Russian production rose by nearly 500,000 b/d.Market ShareOPEC wants its market share back. It has made an announced 1.5 million b/d production cut-the fourth this year-contingent on output curbs totaling...
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