VIENNA, Austria (AP) — The just ended OPEC meeting was about more than what a barrel of oil can fetch on the open market as the global economic picture grows dim. Saudi Arabia gave a nod, at least symbolically, to fellow member states that are uneasy about the decline in crude prices. The Saudis attempted to placate Iran, and laid the groundwork for a potential new alliance with Russia, the world’s second largest oil producer. But OPEC’s announcement that it would cut output by more than 500,000 barrels and stick closer to quotas did little to change what most consumers care about — the cost of filling a car with gas or heating a home in winter.
At OPEC, cooling rivals, extending a hand
By The Associated Press
September 10, 2008