A recovery in crude prices to over $100/bl has dampened calls by some Opec members for an emergency meeting. Opec output eased to a four-month low of 31.5mn b/d in June, as maintenance and weather-related disruption in Iraq and tightening EU and US sanctions on Iran curbed production. But this was still 1.5mn b/d above the 30mn b/d that Opec agreed to maintain at its 14 June meeting in Vienna (WPA, 15 June, p7). Plentiful Opec supply, together with concerns about the eurozone debt crisis and slowing non-OECD growth, helped to push the Opec basket price to an 18-month low of $88.74/bl on 25 June.
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