Middle East Economic Survey


No 28


Naimi Reiterates Commitment To Price Band, Says August Ceiling Hike Already Agreed

The extraordinary OPEC meeting planned for 21 July in Vienna will focus on assessing oil market conditions and will not revisit the 3 June decision to increase the groups output ceiling, according to Saudi Oil Minister Ali Naimi. Speaking by phone to MEES on 6 July, Mr Naimi said that the decision to raise the OPEC-10 output ceiling by 2mn b/d to 25.5mn b/d...