MONEY ISSUES TEST AIR OF COOPERATION

What a difference a year makes. At this time last year, the oil industry was discussing something called "producer-consumer cooperation." An international meeting on the subject had just concluded in Iran. A follow-up meeting was planned in Paris. But the effort all but died after that. Objectives never became clear. No one ever produced a coherent vision of what international cooperation in the oil market would mean or how it might work.

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