VOL. XXXI

NO. 19

15-FEBRUARY-1988

VOLUME RESTRAINT SEEN AS CRUCIAL AS OPEC MOVES TOWARDS FLEXIBLE PRICING

The weak but relatively calm market for crude oil over the past couple ofweeks is not yet giving out any really con- crete indications of near-term pricedirections. Some analysts remain pretty bearish for the year as a whole, whileothers are convinced that prices will pick up strongly by May/June.

At all events, the following comments would appear to be in order from thepresent perspective:

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