OPEC Discusses Oil Cuts

OPEC ministers agreed today to keep oil production at current levels, but cuts appear to be coming in February. Oil inventories are said to be too high, thus keeping the price down. Iran, Algeria and Venezuela are pushing for immediate reduction of production levels to drive the cost back up, while some other countries are taking more of a wait and see approach.

I mention this article not because it is really about international law, but due to the great influence oil has on global economics and politics. Many argue that the whole reason the US is in Iraq is because of oil. As industrialized nations continue to burn oil at a dizzying pace, the tensions between countries like the US and Iran and Venezuela could become more problematic. OPEC still has a great deal of influence on the price of oil and the countries inside the organization control an estimated 2/3 of the world's supply. As oil wells dry up in non-OPEC countries, the power OPEC wields will be even greater. For more about OPEC check out their site.