THE INTERNATIONAL OIL MARKET PERSPECTIVES ON PRICES

By John Lichtblau

(The following article by Mr. John Lichtblau, President of the New York-based Petroleum Industry Research Foundation Inc. (PIRINC), is based on a presentation delivered at a symposium on energy price perspectives organized by the Austrian State Agency for Energy Utilization in Vienna on 19 May 1987.)

Any observer of oil price trends over the past 15 years would be right in concluding that oil prices are inherently...