TITLE

THE YEARS THAT THE LOCUST HATH EATEN: OIL POLICY AND OPEC DEVELOPMENT PROSPECTS

AUTHOR(S)
Levy, Walter J.
PUB. DATE
December 1978
SOURCE
Foreign Affairs;Winter78/79, Vol. 57 Issue 2, p287
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article analyzes the interrelationship between oil supply and demand, the price and production policies of oil-producing countries and the political and economic interests among the nations belonging in the Organization of the Petroleum Exporting Countries (OPEC). For the last five years the world has been trying to cope with a set of problems triggered by the sudden oil price explosion of late 1973: the availability of oil to cover future energy demand, the economic and financial upheaval attending the jump in oil prices and the utilization of a flood of petrodollars by OPEC countries for their national development and other purposes. These three issues are intimately interrelated and interact on each other. They can thus be properly assessed only in conjunction with each other. Hence, the relationship between oil supply and oil demand has always depended not only on trends in world oil discovery and consumption including the impact of conservation and the progress made in developing additional energy sources, but on the price and production policies of major oil-producing countries, based in turn on calculations of their political and economic interests.
ACCESSION #
4853997

 

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