The cartel that fell out of the driver's seat. (Organization of the Petroleum Exporting Countries)
Economist (US), The, February, 1989
The cartel that fell out of the driver's seat
OIL matters. When the twenty-first century dawns it will still meet more than a third of the world's total energy needs. But it is oil's distribution that will continue to make it a uniquely subversive commodity: by 2000 around four-fifths of the planet's oil reserves will be deep in the bedrock of the 13 member states of the Organisation of the Petroleum Exporting Countries (OPEC).
A decade ago, OPEC ruled the energy market and the world hung on every word uttered by Sheikh Ahmed Zaki Yamani, who had brains to go with the brawn he possessed as Saudi Arabia's oil minister. The ten years since then have seen the cartel crumble. A mix of world recession, fuel-switching and conservation left the oil...
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