MEES Agenda

Oil Producers Adopt Higher Crude Prices For 2012 Budgets

With the OPEC Basket price averaging $112.11/B last year versus 2010’s $107.46/B many MENA countries posted a surplus for 2011 and were encouraged to hike the oil price forecast they will use in their 2012 budgets. Providing the impetus for use of higher prices are the ongoing subsidies and economic stimulus programs that were put in place to appease citizens as popular unrest swept through the region during the...