ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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What Happened in Philippines

although in varying degrees, but in spite of rhetoric to the contrary, are sharp dissensions within OPEC, especially after Saudi Arabia decided to abandon its role as the sole 'swing' producer. A year ago, it had agreed to cut its production to 2 million b/d, but faced with a decline in oil revenues it is now producing a fourth of the total OPEC supply of 16 million h/d. No country is willing to assume the role of swing producer, adjusting output to sustain prices as demand changes. Britain and Norway are two producers whose oil export revenues are a small proportion of their total export earnings but whose obdurate spurning of OPEC overtures for output adjustments arc a major factor responsible for the price-slide.

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