VOL. XLVII

No 21

24-May-2004

Oil Price Strength Tops Global Economic Agenda

The unabated rise in oil prices well above the $40/B level has lifted the issue to the top of the global economic agenda and prompted demands that OPEC increase production in an effort to take the heat out of prices. However, with little slack capacity remaining in the OPEC production system, any decision by OPEC to boost output may have only a limited effect on the market, especially if other factors including the tight...