Middle East Economic Survey

VOL. XLVII

No 23

07-June-2004

OPEC

Crude Prices Surge After Saudi Attack But Ease On OPEC Supply Reminder And US Stocks Data

Crude oil prices surged to a new record high on 1 June, as exchanges opened after a holiday weekend during which militants attacked oil company offices and housing complexes in al-Khobar, Saudi Arabia. The recent string of record high prices has been caused to a large extent by the fact that market speculators can now envisage a situation in which...