VOL. XXXI

NO. 16

25-JANUARY-1988

OPEC AND OIL DEMAND

US Production Down, Import Up in 1987

Despite the recovery in oil prices in 1987, both US oil production and wellcompletions continued to fall during the year, according to statistics releasedby the American Petroleum Institute (API). 1987 production averaged 8,245,000b/d, down 4.5% from 1986 output of 8,680,000 b/d, the lowest level since 1977.At the same time product deliveries rose by 1.8% in 1987 to 16,568,000 b/d,resulting in a 5-3%...