Mideast

Oil Price Tumbles; Petchem Capacity Due The price of oil is expected to remain low in 2009, reflecting lower demand caused by the global economic downturn, analysts say. The price of oil was $46/bbl at CW’s press time at the beginning of January, compared with a peak of $147/bbl last July. The price is expected to remain low despite OPEC’s decision on December 17, 2008 to cut production by a massive 2.2 million bbl/day from January 1. The cut is in addition to a 2-million bbl/day output reduction announced last September. OPEC, dominated by Mideast...

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