Middle East Economic Survey

VOL. XLVII

No 22

31-May-2004

OIL PRICES

Crude Prices Show Out-Of-Step Reaction To Saudi Output Pledge And Bullish Stocks Data

Crude oil prices started high last week, despite the announcement by Saudi Oil Minister Ali al-Naimi that the country would increase production to 9.1mn b/d for June and was prepared to meet customer requests up to its full capacity of 10.5mn b/d, if required. Although the WTI and Brent prices fell by 99 cents/B and 75 cents/B respectively after...