Middle East Economic Survey

VOL. XLVII

No 24

14-June-2004

OIL PRICES

Noreng Surveys Impact Of Currency Movements On Oil Trade

The impact of the depreciation of the dollar against the euro has more than accounted for the rise in oil prices over the same period, so that euro-denominated oil prices are actually lower now than they were three years ago, according to Øystein Noreng, Fina Professor of Petroleum Economics and Management at the Norwegian School of Management in Oslo. In an address to the...