OPEC AND OIL PRICES
Otaiba Says UAE Letting Production Drop to Defend Prices
The UAE Oil Minister, Dr. Mana Saeed al-Otaiba, has again emphasized that hiscountry is prepared to let production drop beneath the OPEC quota level ratherthan give price discounts. Speaking in Tokyo on 18 February, Dr. Otaiba told ameeting of oil industry officials that "I believe $18/B is a reasonablelevel of pricing for producers and consumers." Consequently, he went on,"we are allowing...