VOL. XLVII

No 21

24-May-2004

OIL PRICES

OPEC Output Hike Required To Meet Surging Demand, Says CGES

The world needs more oil from OPEC to help meet surging demand in the worlds largest oil consuming countries, according to Londons Centre for Global Energy Studies (CGES). In the latest Monthly Oil Report, published on 17 May, CGES writes: OPEC has spare capacity, but raising the official quota by 1.5mn b/d will do little to help unless physical production also rises. Prices will remain high unless...