Middle East Economic Survey


No 18


OPEC Sees Crude Supply Well In Excess Of Demand, Reiterates Adequate Supply Pledge

Following informal consultations between ministers at the International Energy Forum in Doha on 24 April, OPEC said that volatile oil prices were being driven more by geopolitical uncertainties and speculation than by supply/demand fundamentals. In a brief statement, OPEC President and Nigerian Oil Minister Edmund Daukoro said fundamentals clearly indicated that...