Volume 3, issue #3 - 28-01-1998

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OPEC oil production at 25.74 million bpd

Dec. 19, 1997 OPEC crude oil production in November amounted to 25.74 million bpd, compared with 25.95 mm bpd in October.
According to the OPEC monthly oil market report, OPEC oil supply to the market last month totalled 25.55 mm bpd, as against the October figure of 25.80 mm bpd.
OPEC monthly average basket price down to $ 18.84 a barrel, a loss of 70 cents from October.
World oil demand for 1997 has been revised downwards by 140,000 bpd to 73.38 mm bpd. For 1998, the global demand figure now stands at 75.10 mm bpd, a decline of 300,000 bpd from the last projection.
OPEC balance of supply and demand in 1997 revised downwards by 100,000 bpd to 26.20 mm bpd. For 1998, the balance is projected at 26.1 mm bpd, lower by 300,000 bpd than the last forecast.
Non-OPEC supply for this year is revised downwards by 40,000 bpd to 44.44 mm bpd. For 1998, the figure stands at 46.14 mm bpd.
Stock drawdown of 150,000 bpd in United States to 953 mm barrels. Refinery use in US was down to 14.83 mm bpd, corresponding to a utilisation rate of 94 %.