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...
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