OPEC 1991 results reflect hard times
This paper reports that low crude oil prices and economic tough times in industrial countries cause a lean 1991 for members of the Organization of Petroleum Exporting Countries. OPEC's 1991 annual report the member countries reported an overall loss of $12 billion in 1991 on oil revenues that fell 16.2%. Iraq and Kuwait were not included because of their unusual circumstances in the wake of the Persian Gulf war. Reduced oil revenues reflected a slide to $18.66/bbl in 1991 from $22.26/bbl in 1990 for the average price of OPEC basket crudes. As of last June 5 OPEC's basket crude price has averaged only $17.42/bbl this year, OPEC News Agency (Opecna) reported. First quarter 1992 prices averaged $16.77/bbl, compared wit $19.31/bbl in fourth quarter 1991. The average price jumped 52 cent/bbl the first week in June this year to $19.93/bbl, bouyed by Saudi Arabia's move at the end of May to shift its policy from price moderation to one in favor of higher prices, Opecna the. OPEC members increased production 1% in 1991 to an average 23.28 million b/d in spite of negligible production from Iraq and Kuwait and reduced production from Qatar.
- OSTI ID:
- 7233709
- Journal Information:
- Oil and Gas Journal; (United States), Vol. 90:29; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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29 ENERGY PLANNING
POLICY AND ECONOMY
PETROLEUM
PRICES
PETROLEUM INDUSTRY
REVIEWS
ECONOMIC ANALYSIS
EXPORTS
OPEC
DOCUMENT TYPES
ECONOMICS
ENERGY SOURCES
FOSSIL FUELS
FUELS
INDUSTRY
INTERNATIONAL ORGANIZATIONS
OIL-EXPORTING COUNTRIES
TRADE
020700* - Petroleum- Economics
Industrial
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294002 - Energy Planning & Policy- Petroleum