OPEC

North Sea Producers Must Reduce Output Not Price, Says Yamani

The Saudi Oil Minister, Shaikh Ahead Zaki Yamani, has served a blunt warning on the North Sea oil producers - Britain and Norway - that the time has come for them to reduce output if they wish to avoid the disastrous effects of a price war. Speaking to the press in Geneva on 30 December (for full text see pages D1-8)1 Shaikh Yamani cautioned the North Sea producers that their present policy of lowering prices to maximize...