OPEC cutback accord beginning to register

OPEC crude oil production [88,634 bytes] Organization of Petroleum Exporting Countries members trimmed their total output in May, helping justify a recent rebound in crude oil prices. Under a production cutback deal that took effect Apr. 1, OPEC's April production average was down significantly but still fell short of a pledge agreed to in March (OGJ, May 24, 1999, p. 44). However, the latest OPEC production estimates from Middle East Economic Survey (MEES) show that OPEC's compliance with the pledge rose to 90% during May from 87% in April (table). After the April figures, the price for Brent crude oil futures fell below the $15/bbl mark, suggestin...

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