Issue No. 23

9 June 1997


OPEC Output Fell Back In May

OPEC's crude oil production fell by 320,000 b/d in May to average26.70mn b/d as compared with 27.02mn b/d in April, according to MEES estimates (seetable below).

The May drop in OPEC production was in large part attributable to anestimated decrease of 275,000 b/d in Iranian output to 3.48mn b/d from 3.755mn b/d inApril. Iranian production tends to fluctuate from month to month, but the average for thefirst five months of this...