Middle East Economic Survey

VOL. LII

No 28

13-Jul-2009

OPEC

OPEC Output Registers Third Straight Monthly Rise

OPEC production rose in June for the third month in a row as higher prices continued to lure some members into reducing compliance commitments, MEES estimates show. Up to now, fraying output discipline has carried no revenue penalty, with OPEC Basket crude prices rising steadily since February. However, price reversals in July present a challenge to producers and amid extreme demand...