OPEC FREEDOM OF PRICING: HOW FAR CAN IT GO?

Although OPEC has not abandoned its official oil price structure in any formal sense - that is by any decision of the Ministerial Conference there is no doubt that the statement by Dr. Otaiba of the UAE proclaiming freedom of pricing for OPEC members (with the proviso of continued respect for volume quotas - for text see page A4) does reflect the current de facto reality of the market place, following the conversion of Saudi Arabia - virtually the...