OIL MARKET STRENGTHENING IN THE SECOND HALF OF 1992

Robert J. Beck Economics Editor The economy and events in the Middle East continue to drive the oil market. Saudi Arabia's decision in March to reduce crude oil output boosted prices by about $3/bbl and may have signaled a significant change in the kingdom's price strategy. With Kuwaiti production capacity still less than its levels before the Iraqi invasion of 1990, with Iraqi exports still crimped by an international embargo, and with Saudi Arabia producing less than before, the