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Who is afraid of commodity cartels?

Source: Financial Times, 9th June 2011

One can see why Ali Naimi, the Saudi oil minister, says this week's meeting of the Organisation of Pet­roleum Exporting Countries was one of the worst ever. Opec was created to co-ordinate res­traints on oil production to keep prices high. But not only did the cartel, not for the first time, fail to agree new output quotas; what its leading members unsuccessfully aimed for was to expand, not restrain, output.



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