Middle East Economic Survey


No 22


Mabro On The Futures Markets And The Price Of Oil

The following commentary was written for MEES by Professor Robert Mabro, Oxford Energy Seminar, Oxford.

Whenever oil prices rise towards the $40/B level a familiar litany of complaints begin to be heard loud and clear. We are told that high oil prices will damage the world economy by stopping a fragile recovery in its tracks. This sombre message is associated with demands that OPEC should...