Middle East Economic Survey

VOL. LI

No 51-52

22/29-Dec-2008

OIL PRICES

WTI Crude Price Slips Below $40/B As Market Shrugs Off OPEC Production Cut

OPECs decision on 17 December to cut production by a further 2.2mn b/d as of 1 January 2009 failed to revive crude oil prices. WTI crude settled just above $40/B a few hours after the organizations announcement, down by more than $3.50/B from the previous days close, and fell to $36.22/B the following day because of sluggish prompt demand as the January...