Oil output ‘down to critical level’
NZPA-Reuter New York • ...Oil production by the Organisation of Petroleum Exporting Countries fell to a two-year low in April and any further reduction will shatter the fragile balance of world supply and demand, the “Petroleum Intelligence Weekly.” has said. The industry newsletter says O.p.E.C.’s April crudeoil output fell to 27.8 million barrels ' a' day, down three million barrels a day from December. A further cut would eliminate the oil
inventory surplus built up over the last year, it says. “Petroleum Intelligence Weekly,” says the extra inventories, discounting oil in transit and other non-usable stocks, stood at 350 million barrels in April. If O.P.E.C. oil production is cut to 26 million barrels a day, as predicted by Saudi Arabians Oil Minister (Sheikh Ahmed Zaki Yamani), the supply cushion will disappear during the fourth quarter of this year, the publication says.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19800617.2.74.4
Bibliographic details
Press, 17 June 1980, Page 8
Word Count
145Oil output ‘down to critical level’ Press, 17 June 1980, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in