NO. 32

9 MAY 1994

OPEC Crude Production Registers Steep Drop In April

OPEC crude oil production registered a sizeable drop of 350,000 b/d lastmonth, falling to 24.64mn b/d in April from 24.99mn b/d in March, according toMEES estimates (see table below). Overall, the April total represents an excessof only 120,000 b/d over the current official OPEC output ceiling of 24.52mnb/d. In fact, if allowance is made for a built-in Iraqi excess of 100,000 b/d(Iraq does not recognize its...