Word: opec
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...minister said oil-pricing by OPEC and non-OPEC nations based only on short term supply and demand trends led to the dramatic fall in petroleum prices from more than $30 per barrel in 1980 to a low of $9 in July...
...response to an audience question, Yamani said his comments would anger some of his peers, but that a majority of OPEC members were coming around to support his thinking...
Experts are divided about whether the OPEC pact will ultimately hang together. Shearson's Margoshes declares flatly that "it will hold." Says John Toalster, an analyst at Hoare Govett, a London brokerage firm: "The agreement represents a watershed for OPEC." The clan will stick together, these observers conclude, because oil producers have finally realized that they have nothing to gain and everything to lose from plummeting prices...
...many other analysts doubt that OPEC's plan will work. Even if members abide by the agreement, they are fighting a formidable oil glut. Some 200 million unsold barrels of oil linger on the market today, and the inventory has been building at the rate of 2 million bbl. a day. Despite the cutbacks, some experts argue, there would still be a surplus that would depress prices...
Political tensions could destroy the truce among OPEC nations. Relations between Iran and Saudi Arabia have been strained for years. The Saudis have been financing Iraqi attacks against Iran, which has itself fired upon Saudi oil tankers in the Persian Gulf region...