OIL PRICES A: Slip Twixt Pump and Lip
OPEC has plenty of plans for a comeback but is having no luck making them work. Only three months ago, the Organization of Petroleum Exporting Countries seemed to be regaining a grip on world oil prices. The group's agreement in December on a 7% production cut, to 15.8 million bbl. a day, managed to push prices even higher than OPEC's goal of $18 per bbl. But by last week it was clear that the group's clout had slipped once again, as world oil prices dipped as low as $15 per bbl. Several OPEC countries appeared to be cheating on the production agreement by overpumping, said oil experts.
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