Middle East Economic Survey

VOL. L

No 27

2-July-2007

SUPPLY/DEMAND

CGES Sees Crude Shortfall, US Refining Out Of Step With Global Downstream Trend

Oil prices have risen by $10/B between 1Q07 and 2Q07 the biggest quarterly increase this decade and will rise further this summer unless OPEC relaxes its production restraint, according to Londons Centre for Global Energy Studies (CGES). In the latest Monthly Oil Report, published on 25 June, CGES says that, despite the sharp quarterly price rise, OPEC...