NO. 45

8 AUGUST 1994

OPEC Crude Production Dropped by 300,000 B/D In July

Under the impact of sharp drops in Iran and Nigeria, OPEC crude oilproduction fell to 24.69mn b/d in July, down by 330,000 b/d from 25.02mn b/d inJune, according to MEES estimates (see below).

Iranian production - after hitting a high point of over 3.7mn b/d in June -once again dropped back to around the 3.5mn b/d mark in July, thereby continuingthe month-to-month pattern of switchback fluctuations (for details...