OIL PRICE, IRAQI PLANS CAST NEW LIGHT ON OPEC POLITICS

08/02/1999
The wind-down of a tentative transition year for the oil market casts new light on politics of the Organization of Petroleum Exporting Countries.With unprecedented discipline, group members have complied with the cuts in oil production that they put into effect last Apr. 1.The cuts, in effect, have made room in the market for a reduction in global inventories, which ballooned when production kept growing after demand growth stalled in the second half of 1997. And since the cuts took effect, Asian economies, the collapse of which torpedoed oil-demand growth, have shown solid signs of life.Hence $20/bbl crude oil.Now the fun starts for OPEC. The Apr. 1 production targets are supposed to las...
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