World oil prices are unlikely to exceed...

World oil prices are unlikely to exceed $20 a barrel well into the 1990s, John Jennings, managing director of the Royal Dutch/Shell Group, told the Offshore Northern Seas trade fair at Stavanger, Norway, a center of North Sea oil operations. Jennings said production outside the Organization of Petroleum Exporting Countries showed no signs of slowing, while most OPEC members were producing above assigned quotas or discounting prices. He urged companies drilling for and producing oil to cut costs “and to cut them irreversibly.”