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Friday
Nov282008

How cartels lose control—Part 3

DateFriday, November 28, 2008 at 08:45AM

Free riders. Russia's budget, current account, and exchange rate are all hurting with crude oil prices below $70, and they have to worry that OPEC might keep production high just to discipline Russia for its refusal to share the pain of production cuts. So now Russia says it will "coordinate" with OPEC, but not "collude." Don't you admire Russia's principled stand? FT story here.

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