Middle East Economic Survey


No 5



OPEC Unlikely To Adjust Oil Production As Prices Near Long-Term HighsThe recent rally in oil prices close to the historic highs set in September 2005 has left OPEC with very little room to readjust output when it meets in Vienna on 31 January, ahead of the seasonal easing of global oil demand in the second quarter, when the organization forecasts a decline of 1.9mn b/d. MEES understands major Gulf producers believe supply fundamentals...