The collapse if OPEC has been prophesied repeatedly since it was first founded in Baghdad in September 1960. Yet in spite of all their differences its members, which now number 13 countries, have so far always managed to establish at least a formal bare minimum of consensus. It may be that...

Two years ago, in early 1991, the third oil shock since 1973 came to an end. On this occasion, by contrast with the previous crises, the increase in prices that had begun when Iraqi troops occupied Kuwait was only short-lived. Why did oil consumers get off so lightly? Have they drawn the right...