VOL. XLI

No. 12

23-March-1998

OPEC

Oil Producers Consider Budget Cuts To Cope With Declining Oil Revenue

With no end in sight to the slide in oil prices to levels reminiscent of the mid-1980s,governments in a number of OPEC and non-OPEC oil producing countries are ponderingmeasures on how to cope with their shrinking oil income, the mainstay of their budgetrevenue and the major source of foreign exchange. As an initial reaction to the decline,several governments have announced steps to cut...