OGJ Newsletter

10/25/1999
Click here to enlarge imagenullOPEC countries are keeping an eye trained closely on oil markets, awaiting signs of a stable recovery.Saudi Arabia's minister of petroleum and mineral resources, A* I. Al-Naimi, offered his views on world oil markets in Houston last week. Naimi:Regretted volatility in the price of crude oil, saying "fluctuations of more than 10% are not a healthy sign."Noted that few market observers agree on "the right price" of crude oil but that, when the oil price fell to $10/bbl last year, "all of us in the oil industry, and outside as well, knew it was the wrong price."Estimated that the current price of oil includes $2-4/bbl that is "psychologically driven rather...
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