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March 26, 1994|From Times Staff and Wire Reports

OPEC Works on Stabilizing Prices: The oil cartel's ministers met to map out a strategy for stabilizing oil prices amid new warnings that prices could plunge several more dollars if the cartel fails to act against overproduction. An internal OPEC report estimates that prices will rebound only if the 12 nations of the Organization of Petroleum Exporting Countries slash oil output by nearly 1.5 million barrels a day. Analysts doubted that support could be mustered within OPEC for a sizable cut that would mop up excess crude on the market. Oil prices have been about $5 a barrel below levels of a year ago. Near-term crude oil futures added 5 cents to $15.13 a barrel on the New York Mercantile Exchange Friday.

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