Middle East Economic Survey

VOL. XLVII

No 46

15-November-2004

SUPPLY/DEMAND

IEA Report Says Consumers Reacting To High Energy Prices

The International Energy Agency (IEA) has sensed a change in market fundamentals, and says that crude prices may have begun to ease as consumers react to high energy prices. In the latest monthly Oil Market Report, published on 10 November, the IEA says: Nymex WTI crude futures fell nearly $7/B from mid-Octobers $55.67/B peak amidst high OPEC production, easing...