WHAT IS THE OPTIMAL PRICE OF OIL FROM THE PRODUCERS' POINT OF VIEW?

By Dr. Fadhil al-Chalabi

The following is the text of the presentation by Dr. Fadhil al-Chalabi, the Deputy Secretary General of OPEC, to the Oxford Energy Seminar on 10 September.)

Despite the fact that the price of oil is practically the raison d'etre of OPEC because of its crucial importance to the thirteen member countries in their development programs, their revenues and their financial and political power in...