Middle East Economic Survey

VOL. L

No 44

29-October-2007

OIL PRICES/SUPPLY/DEMAND

CGES Sees Supply Shortfall Threatening Further Price Rises

The world has been kept short of oil this year and stocks have fallen counter-seasonally in 3Q07, according to the Centre for Global Energy Studies (CGES). The latest CGES Monthly Oil Report, published on 22 October, says global oil production has barely increased over the past two years, while demand has risen by more than 1mn b/d. It says OPECs argument that...