VOL. XXXVI

NO. 26

29-MARCH-1993

OPEC And The Price Of Oil In '93

by Francisco R. Parra

The following article is based on a talk given by Mr. Francisco R. Parra -a former Secretary General of OPEC and senior executive in Petroleos deVenezuela - at the Advanced International Petroleum Executive Seminar held byPetroleum Economics Limited in Divonne, from 9 to 11 March 1993.

Measured by its own targets, OPEC's performance on price- setting has beengrossly inadequate over the past five-plus years....