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OPEC Weighs, Rejects New Market Plan
[Home Edition]
Los Angeles Times (pre-1997 Fulltext) - Los Angeles, Calif.
Author: Meisler, Stanley
Date: Jul 7, 1985
Start Page: 1
Section: 1; Foreign Desk
Abstract (Document Summary)

The 13 OPEC producers now sell oil individually. This makes it difficult for OPEC to police how much oil its members produce and the price at which they sell it. The worldwide oil glut has encouraged widespread cheating by OPEC members, either by producing more than their quotas or by selling their oil below the official price.

This defiance of quotas and prices has made it even more difficult for OPEC to keep its prices and customers. Arab light oil, often regarded as the OPEC standard, has been selling on the free market in the last few days at about $1.30 less than the official OPEC price of $28 a barrel. As a result, many customers are turning away from official OPEC oil unless it is sold at a discount. This lack of demand forced OPEC to cut its production to 14.5 million barrels a day in June, 1.5 million barrels less than its own target.

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