VOL. XLI

No. 33

17-August-1998

OPEC

OPEC Production Registered Sharp Dip In July

Despite the persistence of deep gloom in the oil market in the face of rock-bottomprices (with Dated Brent having slipped below $11/B at one point last week), globaloversupply and brimming stocks, two new developments on the supply side could give atleast some cause for comfort to the beleagured producing countries. One stems from SaudiArabia's decision to cut September crude deliveries to term customers to around...