Middle East Economic Survey

VOL. LIV

No 35

29-Aug-2011

Why Did The IEA Withdraw Oil From Strategic Reserves?

By Hussein Abdallah

Dr Abdallah is a petroleum and energy economics consultant, based in Cairo, Egypt.

In the meeting of OPEC oil ministers in Vienna on 8 June, the OPEC Secretariat presented a market report predicting a rise in world demand for OPEC oil from 28.8mn b/d in the second quarter of 2011 to 30.9mn b/d in the third quarter.

Saudi Arabia, backed by Kuwait, the UAE and...