Middle East Economic Survey


No 22


WTI Tops $65/B As Optimism Returns To The Market

What else could we want? Saudi Arabias Minister of Petroleum and Mineral Resources Ali Naimi asked reporters in Vienna on 28 May at the conclusion of the OPEC meeting during which ministers decided to stay the course with a production target of 24.845mn b/d. The price is good, the market is in good shape, recovery is under way, Mr Naimi said. So it appears. Recent economic indicators in the US...