NO. 37


OPEC Secretariat Warns of 2Q/3Q Stockbuild But Sees Tight 4Q

In its report to last week's meeting of OPEC's Economic Commission Board inVienna, the OPEC Secretariat warned that if OPEC crude oil production continuesat its recent level of around 25mn b/d for the rest of 1994, the resultingprojected stockbuild in the second and third quarters could lead to weakerprices. However, this could be counterbalanced by a large estimated stockdrawof some 1.2mn b/d in the...