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To: Broken_Clock who wrote (24190)	6/15/1998 10:34:00 PM
From: Czechsinthemail	Respond to of 95453

6/15/98 OPEC's Production Fell By 125,000 Barrels A Day Last Month MANAMA, Bahrain -(Dow Jones)- Crude-oil production by members of the Organization of Petroleum Exporting Countries fell by 125,000 barrels a day in May to an average of 28.22 million barrels from 28.345 million barrels a month earlier, an independent market survey by the oil newsletter Middle East Economic Survey, or MEES, showed Monday. OPEC's official output ceiling is 27.5 million barrels a day. MEES said the main reduction in May was a cut of 238,000 barrels in Iranian crude output to 3.59 million barrels a day. MEES said there isn't any sign yet that Iran has actually implemented its earlier pledge to cut 140,000 barrels a day as required by OPEC's agreement in March. The reduction restored Iran's production to its first-quarter level of around 3.6 million barrels a day, and demonstrates that the high of 3.833 million barrels reached in April was more a one-month spike than any concerted move towards maintaining a bigger volume on a sustainable basis, MEES said. Iran's output decline was partially offset by an increase of 160,000 barrels a day from Iraq, which is excluded from March's OPEC/non-OPEC cutbacks agreement because it is exporting only limited oil under the oil-for-food program with the United Nations. MEES said Iraq's crude output increased to 2.24 million barrels a day in the month from 2.08 million barrels in April. MEES said Iraqi exports declined sharply during the first half of June, with preliminary figures showing June exports likely to be around 27.82 million barrels, or 920,000 barrels a day, compared with May's 50.09 million barrels, or 1.61 million barrels a day.