Middle East Economic Survey

VOL. XLVII

No 32

09-August-2004

Benchmark Crudes Reach New Peaks On OPEC Capacity Scare, Yukos U-Turn And US Refinery Fire

Front-month WTI and Brent and the OPEC Basket crude prices all reached new highs last week, in a surge which started when Purnomo Yusgiantoro, OPEC President and Indonesian Energy Minister, told reporters that the organization would be unable to bring additional oil production capacity on-stream immediately. On 3 August he said, The oil price is...