P. M. BRIEFING : Six Nations to Cut Oil Production
An oil newsletter reported today that six nations which are not members of the Organization of Petroleum Exporting Countries will cut oil production by 180,000 barrels a day in the second quarter of 1989 to help stabilize oil prices.
The producers had agreed on cuts at a one-day meeting in London Feb. 21 but amounts were not disclosed.
The Middle East Economic Survey reported the six countries’ and barrel-per-day cuts are: Mexico 68,000; China 31,000; Oman 28,000; Egypt 24,000; North Yemen 20,000; and Malaysia 17,000.
“However, a question mark still hangs over the biggest fish of all--the Soviet Union,” the newsletter said. It said the Soviet Union, with other countries, agreed to go back to its authorities to determine its contribution to the cuts.
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