INCREASED OIL SUPPLY BRINGS PRICES DOWN
INCREASED OIL IN THE WORLD MARKET DRIVES PRICES DOWN
Gabriel F. Avgerinos,Oil & Gas Journal December 6, 1999 SECTION: TRANSPORTATION; Technology; Pg. 62 HEADLINE: Traditional oil, gas shipping patterns face changes for the 21st Century // ln-acs 12/18/99
Saudi Arabian crude shipments increased, followed by a sharp fall in crude prices in early 1999. Then Saudi Arabia called a meeting of the major oil producers for a concerted action on production cutbacks.
It was rumored that Saudi Arabia also reached an agreement with the Atlantic basin oil exporters on its share of the US market. The reward for following Saudi Arabia's desires was a rise in prices.