Middle East Economic Survey

VOL. LIV

No 42

17-Oct-2011

IEA Again Reduces Demand Forecast As Global GDP Slumps

The International Energy Agency (IEA) has again reduced its global crude oil demand projection, this month by 50,000 b/d for 2011 and 210,000 b/d for 2012, on the basis of lower than expected third quarter readings for this year in the OECD and a downward adjustment to global GDP growth assumptions. In its monthly Oil Market Report (OMR), released on 12 October, the IEA said stronger...