Middle East Economic Survey

VOL. LI

No 51-52

22/29-Dec-2008

OPEC/OPEC CONFERENCE

OPEC Launches Output Offensive Against Price Slide, Stock Levels

OPEC ministers meeting in Oran, Algeria, on 17 December announced unprecedented production cuts in a bid to trim corpulent inventory levels and stop a five month long price hemorrhage which has taken $100/B off crude oil prices. However, the dramatic headline figures a 4.2mn b/d cut from the official September output figures and 2.2mn b/d from current...