World oil production rose 0.8% in January at 74.6 mln barrels a day - FT

/IRBIS, Feb.14, 00/ - PRIME-TASS informs, with the reference to The Financial Times, that world production of oil rose 0.8% in January of the year 2000 relative to December of 1999, at 74.6 mln barrels a day. The growth, is said, was due to an increase in productions from UAE and Iran and resumption of exports from Iraq. Oil reserves of Organization for economic cooperation and development was at 2.7 mln barrels a day in December of 1999, against 0.7 mln barrels a day in October and 1.6 mln barrels a day in November. This resulted in a decease in reserves to the lowest level in last 10 years. Reserves were decreasing at the highest rates in 90's of 1.7 mln barrels a day. Reduction of reserves can make the market get unstable. The process is believed to accelerate in the first quarter of 2000 and cause irregular supplies and prices unless OPEC eases the limits on production of oil. However, increase in oil prices has less effect on the world economy than it had in 70's and 80's. Now oil accounts for 4% of the imports of the countries observed by International energy agency, against 13% in early 80's.