In the wake of the
1997 Asian financial crisis, oil prices plunged sharply to below $10 a barrel, which had significant negative effects on the economies of crude oil producers around the world. However, a history of distrust and a desire to protect their own market share was preventing any cooperation to counter the price fall amongst the nations affected. In early 1998, following a meeting in Oxford with Adrian Lajous, the head of Mexico's state-owned oil company Pemex, Mabro held a series of meetings and phone calls in which he acted as an intermediary between officials from Saudi Arabia and Venezuela, and their Mexican rivals. This initiative led to joint production cuts in late 1998 and early 1999, the effect of which was that by mid-2000 the price of crude oil had recovered to more than $30 a barrel. Lajous later recalled, "Robert Mabro played a key, if unaccredited, role in the secret negotiations that brought together these three countries." Mabro himself later suggested that OPEC should change its logo to a tea-bag “because it only works in hot water.” ==Publications==