Opec Trims Production

Tue., Aug. 9, 1994

From Staff

OPEC production in July dropped by 330,000 barrels a day, apparently contributing to a rise of nearly $1 a barrel in the cartel’s average market price, according to figures released Monday.

The Middle East Economic Survey said the Organization of Petroleum Exporting Countries’ daily production last month averaged 24.69 million barrels, down from 25.02 million barrels in June.

Prices rose by 91 cents a barrel and averaged $17.41 a barrel, still well below the cartel’s target of $21, the respected oil industry newsletter said.

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Opec Trims Production

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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