Middle East Economic Survey


No 2


OPEC Increases Output While Temperatures Sink

OPEC production hit a 12-month high above 29mn b/d in December, as members sought to benefit from strong winter demand. Output was the highest since OPEC began to seriously implement its December 2008 Algeria decision to cut 4.2mn b/d. But last months output figures from the 11 members that participate in output deals in all likelihood represent a high-water mark for production, certainly in the...