OPEC'S SECOND-QUARTER CRUDE PRODUCTION HITS 20-YEAR LOW

According to MEES estimates, OPEC's crude oil production fell to 14.7mn b/d in the second quarter of this year, the lowest quarterly average for nearly 20 years. This compares with 16.2mn b/d in 1Q 1985, 17.5mn b/d in 2Q 1984 and 17.2mn b/d for the year 1984 as a whole.

The 2Q 1985 average masks a considerable variation in output as between the three months of the quarter - 16.2mn b/d in April, falling precipitously to 14.2mn...