PRICE UNCERTAINTY GROWS AS CRUCIAL OPEC CONFERENCE APPROACHES

In a climate of growing uncertainty and mounting pressure on world oil prices, it has become abundantly clear that a very serious situation could develop unless the OPEC member countries can bring themselves to take resolute and effective action when they meet in Vienna on 5 July. If they fail, the danger of a price collapse will become alarmingly real.

With spot prices for many crudes having subsided to $2-3/B below official...