VOL. XLI

No. 08

23-February-1998

SAUDI ARABIA

OPEC Still Mulls Saudi Proposal Despite Venezuela's NegativeReaction

Tentative moves among some leading OPEC players to lay the groundwork for a productioncutback, badly needed to remedy the prevailing oversupply and price crunch in the worldoil market, seemingly hit a wall last week after Venezuela brusquely rebuffed anexploratory Saudi initiative in this direction. Venezuelan cooperation would be essentialfor the success of any effort at production...