Outlook: Opec's gain is our loss
Tuesday 24 March 1998
Never forget, however, that what's good news for the oil companies and the big oil producing nations (of which Britain is still one), is generally bad news for the rest of us. The deflating oil price of the last six months has had a reflationary effect on the world economy at a time when the Asian crisis has been pulling violently in the other direction. These two influences have to some extent been cancelling each other out. If last weekend's agreement succeeds in limiting supply and raising prices, then the effect of the Asian collapse on the world economy may be that much more violent.
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