Middle East Economic Survey

VOL. XLVII

No 44

1-November-2004

OIL PRICES

Lord Browne Sees $30/B Crude Price Support Level For At Least The Medium Term

On the basis of the recent track record and the supply-demand balance, oil prices have a support level of around $30/B for at least the medium term, underpinned by OPEC discipline and their needs for revenue, according to BPs Chief Executive Lord John Browne. He was speaking in London on 26 October after the announcement of the companys third quarter...