Manufacturing improves again from May perhaps 2006 to July 2006, as prices initially fall, then crest from the $70s on fear of war with Iran or hurricanes from the Gulf. I interpret this as most probably the onset in the Haradh megaproject.
From January 2005 to July 2005, there is a gradual and slowing increase in manufacturing that roughly restores the November 2004 stage. This occurs as price ranges are mounting from $35 to $55. A secret is why several of the 690kbd of further production capacity from the Qatif megaproject doesn't make it possible for for increased production during this period. I lean towards the explanation that something else declined, but precise attribution is not possible At this time (see discussion underneath). Individuals who have confidence in voluntary restraint could argue which the Saudi's had by now made a decision the entire world could cope with $forty five oil and desired to see what $fifty five oil would do. Nonetheless, the precise pattern of generation rise appears to be incredibly problematic for this explanation.
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