LETTER TO THE EDITOR
To: The Editor, Middle East Economic Survey (MEES),
At the Vienna meeting last March, OPEC members agreed to an informal price band mechanism. The ideal price range was set between $22/B and $28/B per barrel for the OPEC crude oil basket, with a production adjustment of 500,000 b/d should the price fall outside the band for more than 20 trading days in a row, or one calendar month. The aims of the price band are to stifle market...
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