No. 03

19 January 1998


OPEC Production Eases Off Again InDecember But Registers 5.9% Year-On-Year Gain

Under the impact of lower output fromIraq, OPEC's crude oil production fell back for the secondconsecutive month to 27.46mn b/d in December, representing a dropof 320,000 b/d from the November figure of 27.78mn b/d, accordingto MEES estimates.

As a result of a hiatus in Iraq's oilexports under the UN oil-for-food program (which lasted from 5December to 13 January), Iraqi crude...