VOL. XXXII

NO. 25

27-MARCH-1989

RESTRUCTURING OF THE WORLD OIL MARKET

by Michael Kelly

(The following paper by Michael Kelly of the Boston-based consultants JensenAssociates Inc. was presented at the 1989 Annual Meeting of the NationalPetroleum Refiners Association held in San Francisco on 19-21 March 1989).

On 10 November 1988, Saudi Arabia agreed to acquire a 50% interest inTexaco's East and Gulf Coast refining and marketing network. In doing so it tooka big step toward the country's new...