OGJ NEWSLETTER

Industry can't rely on Saudi Arabia to act as swing producer to restore oil prices to $18/bbl, says Centre for Global Energy Studies (CGES), London. The kingdom's 20% budget cut for 1994 (OGJ, Jan. 10, p. 27) signaled its tacit acceptance that low oil prices are here to stay, says CGES. The primary question is: How will lower oil prices affect Saudi Arabia's trade balance, key to its financial health, in the critical next 5 years?

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