Middle East Economic Survey


No 12


Crude Prices Smash Records Again Despite OPEC Supply Pledge

Crude oil prices continued their skyward journey last week, as traders bet on tighter markets ahead, despite OPECs 16 March decision to increase output if prices remained high. OPECs decision to raise the OPEC-10production target to 27.5mn b/d was viewed as rubber-stamping current supply levels, and the promise of a further 500,000 b/d increase after ministerial consultation was...