VOL. XLIII

No. 17

24-April-2000

LETTER TO THE EDITOR

To: The Editor, Middle East Economic Survey (MEES),

Dear Sir,

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...