Middle East Economic Survey

VOL. XLVIII

No 21

23-May-2005

OPEC To Meet Call On Crude In 4Q 2005 Despite Lower Forecast For Non-OPEC Output

OPEC, in its May Monthly Oil Market Report, has once more emphasized its plans to expand production capacity with the aim of calming high oil prices. OPEC said the fact that it was producing now in excess of 30mn b/d meant that it would be able to fulfill the call on its crude of 30.53mn b/d it forecasts for 4Q 2005. Spare capacity is expected to be around 10%...