VOL. XLI

No. 27

6-July-1998

OPEC

OPEC States Inform Customers Of New Production Cuts

Following the 24 June OPEC decision to reduce oil production by a further 1.355mn b/das of 1 July (MEES, 29 June), the US has expressed its displeasure at the cuts,with Mr. Frederico Pena, the US Secretary of Energy, declaring that market forces shoulddetermine the price of oil "without any interference." Mr. Pena, who resignedfrom his post effective 30 June, told the Mexican-daily Reforma on 27 June thatwhile...