Middle East Economic Survey

VOL. L

No 38

17-September-2007

OPEC CONFERENCE

OPEC Increases Oil Output To Meet Winter Demand As Price Concerns Grow

Against a background of falling US oil stocks, customer enquiries for extra barrels have prompted OPEC to legitimize 1mn b/d of over-target production while adding another 500,000 b/d to production from November. The decision, which will help balance the market in the fourth quarter, also demonstrates a desire to cap oil prices around present record highs...