OPEC "Powerless" on Price

guardian.co.uk — Oil remained close to last week's record high of over $139 a barrel today as Nigeria's oil minister warned that OPEC is powerless to prevent the unprecedented volatility in the market and dismissed calls for an emergency meeting of the oil producers' cartel. OPEC refuses to pump more oil to alleviate the situation, blaming factors beyond its control, including speculation and political tension.

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