VOL. XLI

No. 24

15-June-1998

OPEC

Doom And Gloom Pervades The Oil Market Despite SupplyCutback Efforts By Producers

Amid a renewed slide in oil prices in the face of global oversupply and brimmingstocks, hard-pressed producing countries may derive at least a crumb of comfort from themodest decline registered in total OPEC crude production for May, indicating a modicum ofimprovement in compliance with the April round of output cuts. According to MEES estimates(see table below), OPEC production...