Middle East Economic Survey

VOL. XLVII

No 30

26-July-2004

WTI Price Stays Above $40/B On Bullish Demand Outlook And Yukos Affair

The price for WTI crude stayed above $40/B last week despite OPEC production well in excess of quotas. In the face of rising demand expectations, MEES learns that Saudi Arabia is continuing to bring spare capacity on-stream, taking production to 9.3mn b/d in June and July. Prices rose on 16 July as hedge funds rebuilt positions in crude markets, but eased until 21 July...