Middle East Economic Survey


No 42


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...