Long-term stability of crude oil prices debated

The prospect of whether oil prices could be stabilized on a long-term basis fueled debate at the first International Oil Summit held in Paris Nov. 16 and organized by Institut Francaise du Petrole.Keynote speakers Alí Rodríguez Araque, Venezuela's energy and mines minister, and Rilwanu Lukman, Organization of Petroleum Exporting Countries secretary general and Nigerian presidential adviser, were hopeful that compliance with OPEC's production restraint agreement would continue until and perhaps beyond the OPEC heads of state summit slated for next April in Caracas. Their view was bolstered by the fact that, so far, not only have OPEC member countries complied "80-90%" with t...

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