Comment: Just how much oil does the Middle East really have, and does it matter?

Just a few months ago, oil economists were debating if the Organization of Petroleum Exporting Countries had the power to hold oil prices in the mid-$20/bbl range. There was talk of the increasing demands for oil from China's new economic prosperity, but generally the age-old perception that supply must always equal demand in a properly functioning open market remained in tact.

Apr 4th, 2005
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