FIXED OIL PRICES VERSUS FIXED VOLUMES
by Robert Mabro
(The following is a revised version of a paper presented by Robert Mabro,Director of the Oxford Institute for Energy Studies, at the Fourth Arab EnergyConference in Baghdad on 16 March.)
OPEC is at an important turning point of its history. Virtually all membercountries have abandoned in practice the traditional fixed-price policy. Manyare pronouncing it dead for ever. A consensus in favor of an exclusive reliance...