OPEC: Much ado about nothing?

Ford, Neil
November 2005
Middle East;Nov2005, Issue 361, p34
This article reports that the Organization of Petroleum Exporting Countries (OPEC) has agreed to try to boost output by a massive 2m barrels a day. However, with little new refining capacity expected to become operational over the next year, there seems little to push barrel prices below the $60 a barrel level. A spokesperson for the Centre for Global Energy Studies stated that it is difficult to see any changes on the supply side that would bring the present period of high prices to an end in the short term. A succession of OPEC quota increases over the past 18 months have failed to make much impact, partly because they were relatively modest rises but also because many member states were already making the most of all their production capacity.


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