Middle East Economic Survey


No 20


Venezuelas Rodriguez Calls For New Oil Price Band

Venezuelas Foreign Minister and former OPEC president Ali Rodriguez on 9 May called for a new oil price band system in an effort to stabilize oil prices. OPEC announced in January that it had suspended its target $22-28/B OPEC Basket price band after prices had exceeded the band for over a year (MEES, 7 February). There is a tension that, in my view, should lead to an international agreement...