In an unexpected decision made after a six-hour meeting that lasted well into the night, the OPEC oil cartel said it would reduce its oil production by about half a million barrels a day in a bid to stem a rapid decline in oil prices in recent weeks. (New York Times, Wednesday)
Think of the many ways that U.S. policy bolsters OPEC.
FEE Timely Classic
Voluntary and Coercive Cartels: The Case of Oil by David Osterfeld