Middle East Economic Survey

VOL. XLVIII

No 25

20-June-2005

OPEC Lifts Ceiling By Initial 0.5Mn B/D In Fresh Bid To Cool Prices

OPEC's decision to legitimize current production levels by increasing quotas will put a new floor under present output but will bring no new barrels to the market. With its production policy options running out in line with thinning spare output capacity, OPEC has blamed high oil prices on a shortage in global refining capacity and increased speculation in oil futures...