ARCO: EXPECT CRUDE OIL PRICES TO REMAIN LOW, VOLATILE FOR SOME TIME

The oil industry will have to live with low crude oil prices and a high level of price volatility "for some time," says ARCO Chairman and Chief Executive Officer Lodwrick M. Cook. Cook told ARCO's annual meeting of shareholders, "Until Iraq's production is back in the market and the Organization of Petroleum Exporting Countries cartel has adjusted with a defined target price and an effective production prorating among its members, we must be prepared for low prices."

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