Middle East Economic Survey

VOL. XLVIII

No 51

19-December-2005

OIL PRICES

Oil Producers Hike Budget Oil Price Assumptions, But Forecasts Remain Conservative

Oil producing countries have once again come up with conservative forecasts for their 2006 budgets, although prices are generally higher than those adopted for 2005, suggesting that their calculations are becoming more realistic. Forecasts for fiscal 2005 generally ranged from $19/B to $35/B (Norway was on $35/B, but then moved it up to $52/B)...