Middle East Economic Survey

VOL. XLVIII

No 12

21-March-2005

OPEC Lifts Ceiling 0.5Mn B/D Citing Strong 2H 2005 Demand, Pressure For Further Raise Is Growing

Bill Farren-Price reports from Isfahan, Iran on the 135th Meeting of the OPEC Conference, held on 16 March.

In response to rising forecasts for third and fourth quarter demand, OPEC oil ministers agreed on 16 March to raise the organizations production ceiling by 500,000 b/d to 27.5mn b/d effective immediately. They also empowered OPEC...