OPEC nations fall short of pledge to cut oil output - May 28, 1999

Providing coverage of Alaska and northern Canada's oil and gas industryMay 1999

Vol. 4, No. 5

Week of May 28, 1999

OPEC nations fall short of pledge to cut oil output

Petroleum News Alaska Staff

Member nations of the Organization of Petroleum Exporting Countries (OPEC) sharply reduced oil output in April, but nevertheless failed to meet targets, according to a report by the International Energy Agency.

In its end-of-April report, released in early May, the IEA said OPEC nations were 85 percent compliant with a March pledge to cut output by 1.716 million barrels a day.

The compliance figure was in line with analysts’ estimates. It excluded Iraq.

The agency said revisions made in first-quarter oil demand estimates mean that oil demand in the period exceeded world oil stocks by 330,000 barrels per day.

World oil demand for 1999 was revised upward by 90,000 barrels per day and is expected to be 950,000 barrels per day over 1998 demand.

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