Middle East Economic Survey

VOL. LI

No 47

24-Nov-2008

SUPPLY/DEMAND

Real Cuts In OPEC Production Required Before Prices Change Direction, Says CGES

The path of oil prices will depend on how and how quickly OPEC cuts production in response to the falling demand for its oil, the Centre for Global Energy Studies (CGES) said in its latest Monthly Oil Report (MOR), published on 17 November. Noting that it took 40 months for crude oil prices to rise from $50/B to nearly $150/B, but only four months for...