The World - News from March 16, 1986
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An Arab oil minister predicted that world oil prices may fall “far below” $10 a barrel if an emergency meeting of the Organization of Petroleum Exporting Countries today in Geneva fails to agree on production limits. Mana Said Oteiba of the United Arab Emirates confirmed that OPEC has lost business since December, when it embarked on a strategy of boosting its share of the world market by abandoning its restrictions on production. Oteiba told reporters that the conflict between OPEC and non-OPEC oil producers is “the biggest problem” the cartel has faced in its 25-year-history.
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