Middle East Economic Survey


No 27


OPEC Suspends Talks On Additional 0.5Mn B/D Quota Hike After Oil Price Falls

OPEC oil ministers have suspended talks on a second-stage rise in the OPEC-10 production ceiling of 500,000 b/d after sharp falls in the oil price mid-week following data showing strong builds in US oil stocks. OPEC President and Kuwaiti Energy Minister Shaikh Ahmad al-Fahd al-Sabah said on 30 June that the organization had suspended talks but would restart them if...