NO. 12/13


`Wait And See' Appears To Be OPEC Response To Market Downturn

`Wait and see' appears to be the OPEC majority response to the price downturnwhich is sending shivers of apprehension through oil markets, where crude spotvalues have lost around $4.50/B since the palmy days of last October. The OPECmajority, it seems, is not in favor of any early extraordinary meeting of OilMinisters to address the situation, and is hoping that the market will shortlybottom out...