Middle East Economic Survey

VOL. XLVIII

No 43

24-October-2005

Refinery Outages And Weakening Demand Driving Prices, Says SG

The IEAs latest monthly forecast (MEES, 17 October) was extremely bullish and lent support to crude oil prices, in contrast to the EIAs own predictions, according to Société Générale (SG). In the weekly Oil Drivers report of 17 October, SG analyst Deborah White observed: For the next 30 days, short-term price direction will be set by the freshest or most convincing signals...