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World Economic and Social Survey 1995

Current Trends and Policies in the World Economy

image of World Economic and Social Survey 1995

Authoritative and reliable, the Survey is a detailed assessment of the state of the world’s economic and social situation. Its forecasts for the upcoming year and lucid description of national and international economic policies, emerging issues and trends make it ideal for the international businessman or economist. Issued annually, since 1948.

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Technology OPEC and the supply of crude oil

Following the collapse of oil prices in 1986 and except for a short period of time in 1990, oil prices fluctuated within a range of $16 to $20 a barrel.’ Over the past few years, however, oil prices moved to a lower range of $13 to $18 a barre. The current range appears to reflect a level that permits most established oil producers to remain profitable for many years to come, although more and more small marginal oil producers, particularly in the United States of America, may be squeezed out of business. Reduction in exploration and development costs, combined with deregulation, privatization and the opening up of energy markets in a number of oil-producing countries, have led to this new situation. In the meantime, the influence on the market of the Organization of the Petroleum Exporting Countries (OPEC) seems to have weakened considerably and its ability to affect prices appears to have declined. Nevertheless, OPEC remains a major factor in the world oil market and it will likely be a growing factor in the medium rail as world demand strengthens.

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