The Mexican, Saudi, and Venezuelan connection – a memoir

Journal article

Robert Mabro played a key, if unaccredited, role in the secret negotiations that brought together these three countries, in an attempt to stabilize oil prices in the first quarter of 1998. These had gradually eroded in the fourth quarter of 1997 and tumbled in the last two trading days of that year. The spot price of Brent averaged US$19.30/bbl from January to November 1997 and dropped below US$16 on 31 December. As it turned out, this was only the beginning of a deep and lengthy price collapse. Prices continued to plunge in 1998 reaching US$11.05 on 17 March, further descending to 10.77 in mid- June, and 9.91 by Christmas Eve.

Authors: Lajous, A

• Publication status: Published
• Peer review status: Peer reviewed
• Publisher: Oxford Institute for Energy Studies
• Journal: Oxford Energy Forum
• Volume: 100
• Pages: 4-11
• Publication date: 2015-05-01
• ISSN: 0959-7727
• Language: English
• Keywords: Oxford Energy Forum; OIES