Middle East Economic Survey


No 26


MEES Agenda

Illusive Demand Response Seen As Sole Remedy To Rising Oil Prices

OPECs decision on 15 June to raise quotas by 500,000 b/d again demonstrated the organizations commitment to bringing stability back to the oil market after prices hit new long-term highs. But the move did not add any fresh production, merely legitimizing present output levels for the group. Oil prices have responded to the perception of narrowing global spare...