NO. 28



IEA Raises Estimated 1Q OPEC Crude Output by 0.2mn b/d

The only significant change in the latest supply and demand figures from theApril edition of the International Energy Agency (IEA) Oil Market Report (OMR)is the addition of 0.2mn b/d to the estimate of 1Q 1989 OPEC crude production,raising it to 19.9mn b/d - or 1.4mn b/d over the 18.5mn b/d ceiling - from theprevious 19.7mn b/d. As before, the largest individual overproducer is the UAE,whose 1Q output is...