Middle East Economic Survey

VOL. XLVII

No 39

27-September-2004

Production Management, Security Of Demand And Market Stability

By Adrian Lajous

The following paper was presented at the OPEC International Seminar, Vienna, 17 September 2004. The author is Chairman of the Oxford Institute of Energy Studies. Reprinted with permission.

The prevalence of spare capacity in the global crude oil market, as well as the willingness and ability to make effective use of the flexibility it provides, have been key...