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...
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