Pressure on OPEC increases
Finance ministers from the industrial countries are turning up the political pressure on OPEC, calling on the cartel to raise production to bring prices down, when it holds a formal meeting in just under two weeks.
At that meeting in Beirut it will decide whether to go along with Saudi Arabia's intention of raising output. Much turns on the decision.
Oil prices are not as high in real terms now as they were after the Yom Kippur war thirty years ago, all the same, finance ministers in the oil consuming countries say the recent rise in oil prices has caused difficulty. Britain has suffered protests by motorists in the past. Americans are complaining about gas at the pumps above two dollars a gallon.