VOL. XXXII

NO. 35

5-JUNE-1989

SAUDI ARABIA

Saudi Arabia Proposes Market-Determined Price Structure

In a major policy statement timed to coincide with the opening of the OPECconference in Vienna, the Saudi Oil Minister, Mr. Hisham Nazer, has announcedthat Saudi Arabia favors the replacement of OPEC's current $18/B target priceby a market-determined price which, providing the OPEC members adhere to theirquotas, could exceed $18/B.

Speaking in an interview published on 31 May in the New York Times,...