OPEC should take long-term approach to balancing oil supply-demand equation

This article is adapted from the author's comments during a joint conference of CGES and Oil & Gas Journal on the oil price challenges of the next century, held Sept. 9-10, 1999, in Houston.A year and a half ago, oil prices looked as if they were heading for a crash. Well, they certainly did just that, reaching a 12-year low in December last year, despite two rounds of output cuts by the member-states of the Organization of Petroleum Exporting Countries.Since then, however, the price of West Texas Intermediate has almost doubled, thanks to OPEC's third round of cuts. At first sight, this might suggest that all the oil industry's problems have suddenly evaporated and that there...

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