April OPEC output falls below 25 million b/d

13 May 1994

A modest reduction in OPEC crude oil production was recorded in April, according to estimates by the New York Petroleum Intelligence Weekly (PIW).

It fell to 24.94 million barrels a day (b/d) from 25.1 million b/d in March. This compares with the combined allocations of the 12 member states agreed at OPEC's Geneva meeting in March of 24.52 million b/d.

The April estimate includes production from the Neutral Zone between Kuwait and Saudi Arabia, for which no allocation is provided under OPEC rules. This was put at 310,000 b/d.

The PIW estimate agrees with other industry assessments of OPEC output. The modest fall in production has helped contribute to a strong rebound in oil prices in the past month. At the end of April, the price of UK Brent blend crude oil was $15.95 compared with $14.25 a barrel at the end of March.

The April edition of the IMF's World Economic Outlook, which is published twice a year, forecast a rise in oil prices through 1995 as economic growth in industrial countries accelerated. It predicted that the price of Alaska North Slope crude would rise to $14.60 a barrel on average compared with $13.76 in 1994.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications