Middle East Economic Survey
Markets Unmoved By Increased OPEC Production Quotas
Crude oil markets were unmoved by OPECs announcement on 15 June of a 500,000 b/d increase in production quotas beginning 1 July, and a further 500,000 b/d by mid-September if prices remain high. Benchmark crudes continued to rise further, bearing out OPECs argument that current high prices are more to do with constrained refining capacity than any shortage of crude oil. On the same day as...