OPEC AND OIL PRICES

Friedman Envisages Equilibrium Oil Price of $8-9/B 

The US economist Milton Friedman - a winner of the Nobel prize for economics believes that OPEC will not be able to reestablish itself as the arbiter of oil prices, and that prices will decline to an "equilibrium" level of $8-9/B.

Speaking in San Francisco on 13 June, Mr. Friedman said that "I believe OPEC has no future," adding that "you have had cases in history of successful cartels,...