Middle East Econmics Summary #3

Oil from the middle east is still increasing in price. The price for oil is now about $89.47 a barrel. There is even talk between analysts that there is a possibility that oil will someday hit the amount of $100 a barrel. OPEC is increasing its production by 500,000 barrels a day in order to meet the high demand for oil. In Iran Hojjatollah Ghanimifard, the international affairs director of the state-owned National Iranian Oil Company predicts that in three months the price of a barrel of oil will be $90. Also the country of Jordan is repaying early debt of $2.5 million to The Paris club which is made of 19 of the worlds richest countries, it includes Belgium, France, Germany, Italy, Spain, Switzerland, the UK, and the US. Jordan's total debt at the end of the first quarter of the year was $14,450million. Lastly in Dubai commercial rental average rates have almost tripled from 2005. In 2005 it was $263 a square meter now it is $785 a square meter