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  • OPEC says it has lost control of oil prices (Cartel says it can't keep up with strong global demand)

    03/16/2005 8:59:03 AM PST · by drt1 · 109 replies · 2,979+ views
    MSNBC ^ | 03/16/2005 | John W. Schoen
    Despite a pledge by OPEC ministers to increase oil production, don't expect much of a break on oil prices. With crude oil prices hitting a record $56 a barrel Wednesday, OPEC ministers meeting in Iran have been grappling with a problem they haven’t confronted in the cartel’s 45-year history. In the past, OPEC tried to cool overheated prices by pumping more when supplies got too tight. But most OPEC producers say they’re already pumping as fast as they can. And despite the high cost of a barrel of crude, world demand shows no signs of slowing...