Advertisement
YOU ARE HERE: LAT HomeCollectionsOil Prices

BRIEFLY

Energy

November 29, 1993|From Times Staff and Wire Reports

OPEC Says No Price War Intended: OPEC, which last week decided not to cut its oil production ceiling, said its current strategy does not signal a price war. The Organization of Petroleum Exporting Countries also reiterated that it would meet again when Iraq finally resumes oil exports. "This is not a price war," the OPEC head of information, Mohammed Al-Sahlawi of Saudi Arabia, said by telephone from Vienna. He was referring to speculation about OPEC's decision not to cut quotas, which it linked with a call to other producers to support the market. The OPEC decision brought oil prices to five-year lows in European trading. In all, oil prices have fallen about 25% this year. Sahlawi said OPEC was confident that its current agreement would in time revive prices.

Advertisement
Los Angeles Times Articles
|
|
|