OTHER NEWS - April 13, 1993

OPEC Did Not Break Ceiling, Official Says: OPEC stayed close to its March output ceiling, the cartel’s secretary general said, rebutting independent reports that overproduction totaled about 700,000 barrels daily. Reports that some countries, particularly Iran, were overproducing, raised the possibility that other members of the Organization of Petroleum Exporting Countries might also ignore the agreement to curtail supply. OPEC Secretary General Subroto, who is also Indonesia’s oil minister, said the cartel reduced crude production to 23.872 million barrels per day, down 1.743 million barrels from the February level but 290,000 barrels above the new limit.