Middle East Economic Survey


No 1


OPEC Ministers Extend Oran Output Decision

OPEC ministers kept their 24.845mn b/d output target unchanged when they met in Luanda, Angola on 22 December. The decision, widely expected, marks a fourth consecutive rollover of the quota set in Oran, Algeria, in December 2008 (MEES, 22/29 December 2008).

A tangible sense of relief permeated the Luanda meeting, with OPEC Basket prices having held north of $70/B for the last three months and members...