Middle East Economic Survey


No 37


OPEC Eyes On The Global Economy As Ministers Hold Output Steady

OPEC ministers meeting in Vienna on 9-10 September kept production targets unchanged, as widely expected, amid conflicting market signals. Inventories have remained stubbornly high despite eight months of relatively disciplined output cuts. But firm prices in the $64/B-$72/B range for OPEC Basket crude since June precluded any cut. Continued concerns over the fragility of the...