OPEC president, Algerian Oil Minister Chakib Khelil, said here Tuesday that he would 'prefer' the Organisation of Petroleum Exporting Countries to cut oil production at its upcoming ministerial meeting. 'I would prefer in this situation to lower production because demand globally is going to be lower,' Khelil told a press briefing ahead of Wednesday's meeting in Vienna. (Agence France-Presse, Wednesday)
Petroleum consumers are beholden to the whims of this man and his central-planning cronies.
FEE Timely Classic
Voluntary and Coercive Cartels: The Case of Oil by David Osterfeld