VOL. XXXV

NO. 19

10-FEBRUARY-1992

General

Horton Says Current Prices Not Conducive to Develop New Reserves

Mr. Robert Horton, the Chairman of British Petroleum, said on 3 February thatcurrent oil prices of around $18/B for North Sea Brent Blend did not generatesufficient income for producers to develop new reserves, and that world oilproduction would have to be reduced by a minimum of 5% to raise crude oil pricesto the OPEC basket price of $21/B. Mr. Horton, speaking at the annual conferenceof the...