Middle East Economic Survey


No 17


OPEC To Raise Supply In May, Quotas In June

OPEC will raise production by around 500,000 b/d in May to prepare for an expected surge in demand later in 2005, the organizations president, Kuwaits Energy Minister Shaikh Ahmad al-Fahd al-Sabah said on 18 April. This will carry output back over 30mn b/d for the first time in six months. Because of the behavior of the market for the third quarter, we think in May there will be a real...