Middle East Economic Survey

VOL. XLVIII

No 40

3-October-2005

A Market In Levitation: How Long Can It Last?

By Nordine Ait-Laoussine

The following paper was presented by Nordine Ait-Laoussine, President of the Geneva-based consulting firm Nalcosa and former Energy Minister of Algeria, to the 27th Oxford Energy Seminar on 15 September.

Introduction

I use the term levitation in the title to mean that current oil prices are above the equilibrium justified by normal supply and demand considerations or...