World Oil Markets Unrealistic: OPEC President Sadek...

World Oil Markets Unrealistic: OPEC President Sadek Boussena scolded world oil markets for comfortably ignoring the realities of the Persian Gulf crisis and the possibility of oil shortages this winter. He said the rapid fall of prices on oil futures markets from record levels of over $41 a barrel at the end of September “was a dangerous sign of the present market’s inability to look beyond the end of the trading day.� Boussena, who is also Algeria’s minister of Mines and Industry, told a meeting of the Federal Energy Bar Assn. and a group of reporters afterward that the retreat from high prices looked like “the paradoxical fact of a glut developing in the midst of the crisis.� Members of the Organization of Petroleum Exporting Countries and other producers have nearly made up for the loss of over 4 million barrels a day in supplies caused by a United Nations embargo of Iraq after its August invasion of Kuwait.