Economies

As OPEC Faces Tough Test, Lower Oil Prices Loom

Oil personnel work at the Rumaila oil refinery, near the city of Basra, Iraq, on Dec. 13, 2009. OPEC's purpose is to coordinate oil output to keep prices high and stable, to maximize member countries’ revenue but make sure global demand for oil stays strong. A steep, coordinated cut in output could stop and possibly reverse what has been a 30 percent decline in price over five months. (AP Photo/Nabil al-Jurani)
Oil personnel work at the Rumaila oil refinery, near the city of Basra, Iraq, on Dec. 13, 2009. OPEC's purpose is to coordinate oil output to keep prices high and stable, to maximize member countries’ revenue but make sure global demand for oil stays strong. A steep, coordinated cut in output could stop and possibly reverse what has been a 30 percent decline in price over five months. (AP Photo/Nabil al-Jurani)

NEW YORK—These are the moments OPEC exists for: A sharp drop in global oil prices has reduced the amount of money OPEC countries take in...




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