Creating another OPEC.(Organization of Petroleum Exporting Countries)(oil prices at ten year low)(Brief Article) From: U.S. News & World Report | Date: July 13, 1998| Author: Egan, Jack | COPYRIGHT 1998 All rights reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

The Organization of Petroleum Exporting Countries has lost clout because of cheating by cartel members on production commitments. That cheating has caused a glut on the oil market and recently forced prices down to a 10-year low of $12 a barrel.

Last week, Saudi Arabia moved to form a new supergrouping of producers to help stabilize petroleum prices. The organization would include non-OPEC members Mexi...

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