OPEC to meet
NZPA-Reuter London The Organisation of Petroleum Exporting Countries price panel might meet in Indonesia next week to discuss plunging oil prices, according to the cartel’s president, the Nigerian Oil Minister, Mr Rilwanu Lukman.
Nigerian oil sources said the panel was certain to meet in Bali next week after an oil seminar in Singapore. The price of Brent, the most widely traded crude, closed in Europe on Monday at $U513.25 a barrel, well below OPEC’s target of SUSIB.
On Monday, Mr Lukman warned that prices could fall to SUS 9 a barrel, as they did in 1986 when the .cartel’s overproduction went unchecked.
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Press, 15 September 1988, Page 36
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105OPEC to meet Press, 15 September 1988, Page 36
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