NO. 24

15 MARCH 1993

Extra Supply From Non-OPEC Was Important Factor In Depressing Prices, SaysIEA

Higher-than-anticipated supply from non-OPEC sources - particularly netexports from the former Soviet Union (FSU) - was an important factor indepressing crude oil prices between November and early January, according to thelatest (end-February) monthly Oil Market Report (OMR) of the InternationalEnergy Agency (IEA).

The precise reasons for the 4Q price collapse have been puzzling analysts...