Middle East Economic Survey

VOL. LII

No 6

9-Feb-2009

OPEC

OPEC Reduces Output Sharply But Remains A Long Way From Target

OPEC members reduced their total crude oil production by around 1mn b/d in January, according to MEES estimates. However, producers still have a long way to go around 1.7mn b/d if they are to meet their ambitious new output target of 24.845mn b/d, agreed in mid-December (MEES, 22/29 December 2008).

Furthermore, revisions to December and November projections point to members...