Middle East Economic Survey

VOL. XLVIII

No 3

17-January-2005

Crude Prices Boosted By Supply Outages And Heating Oil Concerns

Crude oil prices rose last week, boosted by supply disruptions and a fall in US heating oil stocks ahead of forecasted colder weather. With OPEC reducing production in line with its latest agreement (MEES, 20/27 December 2004), traders anticipate continuing outages in Iraqi supplies as insurgents attempt to sabotage the end-January elections. In Nigeria some capacity...