VOL. XXXVII

NO. 38

20-JUNE-1994

General

IMF Upbeat On Future Oil Prices

While the average spot price for oil has declined considerably sincemid-1992, falling to the $12-13/B range following OPEC's decision in November1993 not to reduce production, the futures market suggests that oil prices willrecover somewhat during 1994 from their end-1993 level, reflecting the"expectations of stronger growth in the industrial countries and continuedhigh growth in the developing countries," according to the...