Middle East Economic Survey


No 12


OPEC Rolls Over Production Targets As Demand Concerns Ease

OPEC ministers meeting in Vienna on 17 March kept their 24.845mn b/d output ceiling unchanged. The state of the world economy and its impact on oil demand remain concerns and, the secretariat says, oil markets are oversupplied. But behind the cautionary caveats there is mounting confidence that OPEC can weather the seasonal second quarter demand drop with output unchanged. The...