NO. 9


Venezuela and the Condensate Settlement

After simmering away at various levels of heat for the past couple of years,OPEC's condensate controversy - which mainly concerned Venezuela - was finallybrought to a close at last week's Vienna conference.

Gas condensates, together with other gas liquids, fall outside the scope ofOPEC's crude oil quota system, and have therefore been the subject of anextended wrangle over definitions. This matter has been subjected to...