Key Economic Indicators
World Oil Prices
Oil prices declined sharply following the September 11, 2001 terrorist attacks on the U.S., largely on increased fears of a sharper worldwide economic downturn (and therefore sharply lower oil demand). Prices then increased on oil production cuts by OPEC and non-OPEC producers at the beginning of 2002. Further, unrest in the Middle East and the conflict with Iraq generated an upward pressure on world oil prices during 2003 and 2004.
