OPEC's weak ray of hope

Reports suggest some members of the Organization of Petroleum Exporting Countries regret increasing production quotas in November. Since its ministerial meeting in Jakarta, when OPEC hiked total quotas to 27.5 million b/d of oil from 25.033 million b/d, oil prices have fallen more than $2/bbl (OGJ, Dec. 8, 1997, p. 21). London's Centre for Global Energy Studies (CGES) said the Saudi-instigated increase in OPEC's quotas now looks like an even greater miscalculation than it seemed in

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