OGJ NEWSLETTER

Continuing concern over the ability of markets to handle peak winter demand has again pushed up North Sea crude prices. Attention now centers on likely volumes of Soviet crude and products available the rest of the year. Brent rose 45 to $22.45/bbl at closing Oct. 16. BP Chairman Robert Horton predicts prices will stabilize at $21-23/bbl the first 3-4 months of 1992, probably at the upper end of that range. Horton also warns European industry will suffer if the European Community presses