Middle East Economic Survey


No 13


$75/B Oil Wishful Thinking Short-Term, CGES Seminar Hears

With crude oil prices having fallen more than $100/B from their July 2008 peak, when WTI and Brent neared $150/B, there has been debate among producers and consumers about what would be a reasonable price for oil. Following a producer-consumer summit in Jiddah just before crude prices peaked (MEES, 30 June 2008), Saudi Arabias King 'Abd Allah declared that $75/B was a fair price for...