Middle East Economic Survey

VOL. XLIX

No 30

24-Jul-2006

OPEC/OIL PRICES

OPEC President Sees $80/B Oil Hurting Global Economy

OPEC President and Nigerian Oil Minister Edmund Daukoro said on 19 July that the recent rally in oil prices to new highs close to the $80/B mark was uncomfortable and would have an impact on the global economy. Speaking to Reuters in Abuja ahead of a tour of Libya and Gulf OPEC countries, Mr Daukoro blamed the recent surge in oil prices on the conflict between Israel and...