Middle East Economic Survey


No 42


OPEC Revises Down 2H11 Demand Projection

OPEC has revised down projections for global demand growth in 2011 by 180,000 b/d and shaved off its projection for demand growth next year. But the headline annual figures mask a major downgrade to OPECs view on demand for the second half of the year, with drops of 440,000 b/d and 330,000 b/d to third and fourth quarter projected demand, the latest OPEC Monthly Oil Market Report (MOMR) shows.