Middle East Economic Survey


No 46


OPEC Slashes Estimates For Non-OPEC Supply

OPECs November Monthly Oil Market Report (MOMR) cut its projections for non-OPEC supply in 2011 by some 140,000 b/d, compared to previous editions. Revisions are concentrated in the second half of the year, with non-OPEC supply cut by some 320,000 b/d and 240,000 b/d in the third and fourth quarter respectively. Correspondingly the projected demand for OPEC crude in the second half of the year...