Middle East Economic Survey

VOL. XLVII

No 43

25-October-2004

SUPPLY/DEMAND

Lack Of Global Conversion Capacity Contributing To Oil Price Rally, Says OPEC

Lack of complex refinery conversion capacity around the world is contributing to record oil prices, according to OPEC. In its October Monthly Oil Market Report, OPEC said that current market sentiment was such that participants were bidding up prices at the onset of the slightest bad news while discounting good news. Current bullish factors include...