4 OPEC nations reported hurt by the oil surplus
Nicosia, Cyprus — Some members of the Organization of Petroleum Exporting Countries are beginning to experience serious damage from the international oil surplus, the authoritative Middle East Economic Survey said. Oil output among the four African members of OPEC was expected to drop more than 50 percent in the next few months.
Although no official figures were available, the survey said there were indications that production by Nigeria, Libya, Algeria, and Gabon was likely to drop sharply. During 1980 and the first quarter of 1981, daily output in these countries was just above 5 million barrels, it said. This was expected to drop to about 2.7 million barrels a day in July and likely to a significantly lower level in Au gust and September.