O.P.E.C. cut feared

Press, 12 October 1979, Page 22

O.P.E.C. cut feared

I I PA Paris! [ The United States and its} [Western allies now believe! [that the Organisation of Pe-j itroleum Exporting Countries i[will export much less oil in '[the future than was expected >;only a few months ago. aci( cording to the “New' York ;ITimes.” I; This is because of soaring [official prices supplemented; Jby the premiums many mem-1 ibers charge oil companies for}

(secure supplies, senior energy (officials disclosed. | When representatives of [the 18 member Governments jof the International Energy (Agency meet in Paris today they would reduce the estimate made two years ago of the amount of oil O.P.E.C. is likely to sell on world mari kets in 1985, the energy officials said. The new estimate will be >34 million barrels a day, down [from 38 million. I The agency’s members con-

ylsist of all the main 'Western; ; industrial nations except f France. s As a result of the lowered y estimate, the officials said,; y the agency’s 18 member - countries plan to scrap the f joint oil import ceiling of 26 s million barrels a day. first •. set in 1978 and reconfirmed .-[at last June’s economic sum;mit meeting in Tokyo, and ® (substitute a ceiling of between 24 million and 25 mil-} -Ilion barrels a day.