VOL. XLII

No. 03

18-January-1999

OPEC

Economic Outlook Report Shows Low Oil Price Impact On OECD Revenues

According to the latest OECD Economic Outlook report (December 1998), the 30% decline in oil prices in OECD countries in 1998 (only exceeded four times previously this century see Table 1), has added to real incomes and helped restrain inflationary pressures. However, notwithstanding the fact that oil plays a far smaller role in these economies than in the 1970s due to a decline in their...