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Gold/Mining/Energy : Trico Marine Services (TMAR) -- Ignore unavailable to you. Want to Upgrade?

To: D.J.Smyth who wrote (837)	9/16/1998 5:10:00 PM
From: D.J.Smyth	Read Replies (1) \| Respond to of 1153

15:33 DJS OPEC Report Says Members Trimmed Oil Production By 2% In August 15:33 DJS OPEC Report Says Members Trimmed Oil Production By 2% In August LONDON -(Dow Jones)- Members of the Organization of Petroleum Exporting Countries, excluding Iraq, produced 24.8 million barrels of oil a day in August, down from 25.38 million barrels a day in July, showing a bit more progress in reducing production. OPEC members agreed to production cutbacks earlier this year as glutted inventories and reduced demand from financially battered Asia led to a drop in oil prices. But total OPEC production for August averaged 27.28 million barrels a day, compared with 27.66 million barrels a day in July, according to its monthly report released Wednesday. The 10 members of OPEC that in June agreed to cut production by 2.6 million barrels a day were 84% compliant with their pact, the report said. The report said that Saudi Arabia's crude output was 8.08 million barrels a day for August, against 8.2 million barrels a day in July. Saudi Arabia is the world's largest oil producer. OPEC trimmed its estimate of world oil demand for the rest of the year slightly to 74.1 million barrels a day from 74.3 million barrels a day in the August report. The report said world oil demand in 1999 should experience a higher level of growth due to a modest recovery in Asia. The non-OPEC supply of oil is expected to increase by just under 1 million barrels a day during 1999 to 45.9 million barrels a day from 1998. The report said the majority of this crude increase is expected to come from the U.K., Norway, Denmark and Australia. OPEC's report said Russia is expected to continue increasing crude production for a while. But "the recent economic crisis and the accompanying political problems may now affect the oil sector to some extent." The report has forecast exports from this region at 2.83 million barrels a day for 1999. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved. 09/16 3:33p CDT