VOL. XL

No. 29

21-July-1997

OPEC

Germany Sells Oil Reserves To Meet EMU Target

The German Government decision to raise around DM400mn ($230mn) in 1997 from the saleof 2.8mn barrels of strategic oil stocks will release around 80,000 b/d of crude oilbetween early August and the end of the year. The move is part of the government's effortsto raise a total of DM1.35bn during the coming three years to cut its budget deficit inorder to qualify for entry to the European Union's planned single currency...