Middle East Economic Survey


No 10


OPEC Brushes Off Consumer Appeals And Rolls Over

OPEC rolled over its 29.67mn b/d output target at its 5 March Vienna meeting. Ministers were unmoved by appeals from consumers, including US president George W Bush, for action to bring down record prices. Weak fundamentals, the seasonal second quarter dip in demand and global economic uncertainties ruled out any prospect of a production hike, ministers argued. Rafiq Latta and Simon Martelli...