OPEC AGREES TO CUT OIL FLOW 859,000 B/D IN SECOND QUARTER

The Organization of Petroleum Exporting Countries last week voted to cut second quarter production quotas to 23.582 million b/d. The new quotas, down 859,000 b/d from the first quarter, will be effective 1 month earlier than normal. They will run from Mar. 1 to July 1 in a bid by OPEC to prevent further drops in oil prices. A stormy meeting in Vienna Feb. 13-16 was dominated by Kuwait's agreement to cut production to 1.6 million b/d from its claimed 1.98 million b/d current flow. This was

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