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OPEC to Stop Oil-Price Fall
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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 [1], Wednesday)
Think of the many ways that U.S. policy bolsters OPEC.
FEE Timely Classic
Voluntary and Coercive Cartels: The Case of Oil [2] by David Osterfeld
Article printed from Foundation for Economic Education: http://www.fee.org
URL to article: http://www.fee.org/articles/in-brief/opec-to-stop-oil-price-fall/
URLs in this post:
[1] New York Times: http://www.nytimes.com/2008/09/10/business/worldbusiness/10oil.html?ref=todayspaper
[2] Voluntary and Coercive Cartels: The Case of Oil: http://www.fee.org/Publications/the-Freeman/article.asp?aid=2333
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