The key to better times is Opec pricing discipline

Journal Article · Wed Feb 01 04:00:00 EST 1989 · World Oil; (USA)

OSTI ID:7014178

Crouse, P C ^[1]

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1. Philip C. Crouse and Associates, Inc., Dallas, TX (US)

According to the author, 1988 proved again that Opec's ability to control world oil markets in tenuous at best. Oil analysts had trouble determining direction of the cartel, with forecasts showing a wide range of possibilities for oil prices. In the last half of the year, concern about a long-term collapse in oil prices sent many U.S. producers to the sidelines with drilling activity languishing at 911 rigs running at the end of November. Most active rigs were looking for natural gas, further complicating U.S. oil reserve replenishment. Opec gradually lost control of world oil markets in 1988. Opec impotence will continue unless non-Opec producers cooperate to cut output, global oil demand increases significantly, or members finally begin to seriously address the critical issue of adhering strictly to production quotas. The author discusses the status of OPEC and U.S. petroleum in regard to current U.S. and worldwide economic conditions.

• OSTI ID: 7014178
• Journal Information: World Oil; (USA), Journal Name: World Oil; (USA) Vol. 208:2; ISSN 0043-8790; ISSN WOOIA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
290200 -- Energy Planning & Policy-- Economics & Sociology
294002 -- Energy Planning & Policy-- Petroleum
ENERGY SOURCES
FOSSIL FUELS
FUELS
GLOBAL ASPECTS
INDUSTRY
INTERNATIONAL ORGANIZATIONS
MARKET
NORTH AMERICA
OIL-EXPORTING COUNTRIES
OPEC
PETROLEUM
PETROLEUM INDUSTRY
PRICES
USA