Middle East Economic Survey


No 23


OPEC Officials Raise Oil Price Projections

Senior OPEC officials have significantly upgraded their oil price projections in the last week. Citing improved market sentiment, Libyas de facto oil minister Shukri Ghanem said on 3 January that prices could rise above $90/B by the end of 2009. The worst of the economic crisis is behind us, Dr Ghanem said at the Reuters Global Energy Summit. The price may go to $90/B or more by the end of the year.