OPEC
Exxon Head Says Low Prices Mean Eventual OPEC Market Domination
The Chairman of Exxon, Mr. C. C. Garvin Jr., has warned that falling oil prices will cause exploration cutbacks which are likely to result in OPEC eventually regaining its dominant position in the world oil market. Speaking in Detroit on 17 March, Mr. Garvin said that "in the longer run, the principal impact of falling oil prices will not be on the amount it is economic to produce from existing reserves, but on...
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