VOL. XL

No. 49

8 December 1997

SAUDI ARABIA

Aramco's January Prices Convey Little Sign Of Supply Urgency In Wake Of OPEC QuotaHike

While world oil prices fell sharply in the immediate aftermath of OPEC's decision toraise its production ceiling by some 2.5mn b/d to 27.5mn b/d, negative market reaction tothe new accord has been muted by continued uncertainty surrounding the status of Iraqicrude exports under the UN's oil-for-food plan and a recognition that the agreement merelybrings the group's...