Middle East Economic Survey

VOL. XLVII

No 40

4-October-2004

Oil And Market Stability After 2004

By Sadek Boussena

The following article was presented at the OPEC International Seminar, Vienna, on 17 September. Mr Boussena is Special Adviser to Société Général (SG). Reprinted with permission.

Despite statistics which would imply that world oil supply exceeded demand by more than 1mn b/d in the second and third quarters, oil prices have not stopped climbing this year. The price of the US reference...