Oil&Gas Middle East Monthly Update - 5th July 2005

The oil market was once ruled by a ‘thumb rule’: a sustained US $10 increase in the price of oil would knock 0.4% off the gross domestic product (GDP) of the rich, oil-consuming nations of the Organisation for Economic Co-operation and Development (OECD). Now, it is being ruled by a ‘keep your fingers crossed rule’, because a US $10 increase in prices now would mean a severe jolt to the world economy, especially to that of the United States of America.

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