VOL. XLIII

No. 08

21-February-2000

OPEC

ExxonMobils Chairman Says High Oil Prices Will Not Last

The Chairman of ExxonMobil, Lee Raymond, has said that high oil prices "sure wont last long," adding that he thought crude prices would not rise as high as $40/B and that ExxonMobil planners were assuming a long-term price range of $16-$18/B. In an interview with the Financial Times published on 15 February, Mr Raymond said there was no evidence of crude oil shortages. But the sharp deterioration in...