OPEC'S CHOICE: MARKET SHARE OR PRICE PROTECTION

The Organization of Petroleum Exporting Countries faces a difficult decision as 1994 approaches: whether to defend its market share or cut production in a bid to bolster oil prices. London's Centre for Global Energy Studies believes oil prices are now sustainable only in the $10-15/bbl range, which means OPEC's best policy is to stick to its quotas and maintain market presence. Unexpectedly large increases in non-OPEC oil production during the fourth quarter mean higher oil prices can

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