Watching the World: 'Petrophobia,' price stability

To judge by several of the presentations made at the recent Interna tional Oil Summit in Paris, the claim repeated at various government and industry gatherings over the last year that the world's oil producing and consuming countries were entering a new era of understanding-or even solidarity-risks looking increasingly shaky (See Editorial, p. 17).The one point of agreement, naturally, shared by camps with competing views of how best to manage global supply and demand of oil, is price stability. Yet, from this common ground, the opinions of Saudi Arabia's Minister of Petroleum Ali al-Naimi and Interna tional Energy Agency Director Robert Priddle, broadly representing Middle Easte...

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