ENERGY

Russian Oil Production Plunges: Russia’s oil output fell 13.3% in the first half of 1992 and moves to open new wells have been slow, the Interfax news service said. In some areas, over a quarter of wells are idle because of poor maintenance and lack of spare parts for repairs. Experts predict that oil output will total 385 million metric tons in 1992 and 340 million in 1993. Production was about 460 million tons in 1991 and 515 million tons in 1990. Oil is Russia’s biggest earner of hard currency, and energy exports have long been the lifeblood of the whole economy, so the declining production is a cause for alarm.