Middle East Economic Survey


No 24


Crude Prices Volatile Ahead Of OPEC Meeting

Crude oil prices eased last week after a distillates-driven rally the previous week had pushed WTI above $55/B on 3 June. On 6 June OPEC President and Kuwaiti Energy Minister Shaikh Ahmad al-Fahd al-Sabah suggested that the organization might increase its output quotas when ministers meet on 15 June. This triggered a round of profit-taking, which continued the following day when he told...