The World : OPEC Vows Resurgence

The OPEC cartel, in a 25th- anniversary statement, said that it will eventually regain control of the world oil market. The Vienna-based secretariat of the 13-member Organization of Petroleum Exporting Countries said that non-OPEC nations, whose rising oil sales at cut-rate prices have displaced OPEC oil in a saturated market, will soon have to cut back or else spend huge sums to squeeze more oil from reserves now being depleted, and that OPEC’s policy of stretching reserves will “eventually bring it back to the fore as the future main supplier of oil in the world.”