THE OIL MARKET IN TRANSITION: A MEXICAN VIEW

(There follows the text of remarks made by Mr. Mario Ramon Beteta, Director General of Petroleos Mexicanos (Pemex), during the closing panel discussion of the Oxford Energy Seminar on 13 September 1985.)

1. The world oil market is in fundamental disequilibrium. Unused productive capacity - both upstream and downstream - has increased substantially in the eighties. Demand for oil has contracted in a dramatic way. Such a state of affairs is not...