OPEC slashes output but falls short of target

David Knott Senior Editor The Organization of Petroleum Exporting Countries reduced oil production dramatically during April but failed to meet targeted cuts. Total OPEC output averaged 26.31 million b/d in April, according to Middle East Economic Survey (MEES), down from 27.77 million b/d in March, because of a cutback agreement by OPEC members in March (OGJ, Mar. 29, 1999, p. 18). However, the agreement called for the OPEC membership-excluding Iraq-to cut combined output to 22.976 million b/d, but these 10 countries could reduce output only to 23.53 million b/d in April (see table). The cutback pledge by the 10 OPEC countries and Oman, Norway, Russia, and Mexi...

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