Middle East Economic Survey

VOL. XLVIII

No 22

30-May-2005

Greenspan Sees Oil Market Under Strain Not Experienced For A Generation

US Federal Reserve Chairman Alan Greenspan said on 20 May that global markets for oil and gas had been subject to a degree of strain over the past year which had not been experienced for a generation. In a speech to the Economic Club of New York he observed: Increased demand and lagging additions to productive capacity have combined to eliminate a significant amount of...