Middle East Economic Survey

VOL. LIV

No 11

14-Mar-2011

MEES Agenda

OPEC Supply Surge Fails To Dampen Prices

OPEC production has been above 30mn b/d for the past three months, revised output figures from MEES show. And supply looks set to rise further, with key Middle East Gulf producers Kuwait, UAE and Saudi Arabia all gearing up to plug the gap left by plunging Libyan output. But prices remain stubbornly high.

On 8 March, Saudi Minister of Petroleum and Mineral Resources Ali Naimi broke...