NO. 45

10 AUGUST 1992

OPEC Crude Production Tops 24Mn B/D In July

According to MEES estimates, OPEC crude oil production averaged 24.145mn b/din July - representing a hefty increase of 415,000 b/d over the June figure of23.73mn b/d. This is nearly 700,000 b/d above the implied OPEC ceiling for thethird quarter (23.463mn b/d). If carried on through the third quarter this levelof OPEC production would imply a 3Q stockbuild of some 550,000 b/d over andabove the current IEA projection of...