OPEC CRUDE PRODUCTION DROPPED TO ESTIMATED 14.5MN B/D IN MAY

Whatever the roots of the current troubles of the world oil market may be, they can hardly be attributed to overproduction on the part of the OPEC countries during the second quarter of 1985. According to MEES estimates (see table overleaf), OPEC's crude oil output averaged only 14.5mn b/d in May - which represents a low point unprecedented in the past two decades. The May figure compares with estimates of 16.2mn b/d in April...