OPEC

UK Will Not Defend Oil Prices 

The UK has responded to OPEC's decision to switch its emphasis from maintaining prices to defending its market share by reiterating that it is not prepared to join in any effort to prevent a fall in prices.

Speaking in Parliament on 12 December, the Chancellor of the Exchequer, Mr. Nigel Lawson, said that although British oil production was peaking and would from now on be on "a gradually declining path," the fact remains "that...