Newspaper article THE JOURNAL RECORD

OPEC Said Unable to Fill Void in Soviet Production

Newspaper article THE JOURNAL RECORD

OPEC Said Unable to Fill Void in Soviet Production

Article excerpt

CARACAS, Venezuela (AP) _ The world's oil-producing countries are unable to fill the void left by declining production in the Soviet Union, the president of the Organization of Petroleum Exporting Countries said Monday.

Celestino Armas, speaking here on his return from an OPEC conference in Vienna, called on large oil companies and industrial countries to use some of their oil to help stabilize prices.

The Soviet Union's crude production "has been steadily dropping, and until Iraq and Kuwait return to their pre-war production levels, I don't know if we can make up the difference," Armas said.

OPEC experts predict demand for crude from the organization's 13 members will be about 24 million barrels-per-day for 1992. But OPEC members can only produce 23.6 million barrels at full capacity, he said.

Soviet production is expected to fall 8.6 million barrels daily next year. Last year the Soviets produced about 12 million barrels a day and about 10.2 million barrels daily this year. …

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