OPEC and its competitors

The unstable oil market-1 When members of the Organization of Petroleum Exporting Countries meet next week in Vienna, they should spend time discussing exploration and development in places like the Caspian Sea and offshore West Africa. For OPEC, the activity means future competition. Action has slowed in both exploratory theaters, especially in the Caspian region. Recent drilling there has produced disappointment. The Caspian International Petroleum Co. consortium folded in January. Unconfirmed reports circulated last week about at least one other pullout. No one is ready to write off, or even severely discount prospects for, the whole Caspian area. A few dry or non-...

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