Middle East Economic Survey

VOL. XLVII

No 26

28-June-2004

OIL PRICES

Crude Prices Underpinned By Aborted Norwegian Strike Despite Strong Middle East Supplies

With strong demand underpinning crude oil prices, last weeks market movements were the result of supply-side issues. As Iraqi exports resumed after repairs on pipelines to loading terminals and Middle Eastern deliveries continued strong after OPEC moved to calm the market (MEES, 7 June), a strike by Norwegian offshore workers set a floor for...