Middle East Economic Survey

VOL. L

No 31

30-July-2007

CGES Warns Of Continued Oil Price Rise Without More OPEC Output

Global oil inventories will fall by 200mn barrels over the course of 2007 if OPEC does not increase oil supplies, according to the Centre for Global Energy Studies (CGES). In the latest Monthly Oil Report, published on 23 July, CGES warns: OPEC is quite simply not producing enough oil. The organization cut production in the face of a glut (mostly of fuel oil) that put downward...