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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: jackie who wrote (46391)	6/14/1999 9:32:00 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 95453

OPEC Boosts Oil Cut Compliance to 90%; Iraqi Production Falls, MEES Says London, June 14 (Bloomberg) -- The Organization of Petroleum Exporting Countries increased compliance with its promised oil production cuts to 90 percent in May from 87 percent in the previous month as daily output fell by 180,000 to 26.13 million barrels a day, the Middle East Economic Survey said. Oil production from Iraq, which is the only OPEC member not participating in the cutbacks, fell by 70,000 barrels a day, while production from the other 10 members declined by 110,000 barrels a day, the report said. Iran, Venezuela, Saudi Arabia, Qatar and Kuwait together cut production by 158,000 barrels a day, while Indonesia and Nigeria boosted their output by 38,000 barrels a day as they flouted their quotas, the report said. OPEC met in March and together with four non-OPEC producers agreed to production cuts equivalent to about 2.7 percent of worldwide output. -------------------------------------------------------------------------------- © Copyright 1999, Bloomberg L.P. All Rights Reserved.