Middle East Economic Survey


No 33


OPEC Forecast Holds Pessimistic Line On World Oil Demand Growth

Despite improvements in crude oil prices during the month of July, with WTI crude ending the month near $70/B, the market is still fundamentally weak amid ample stocks of crude and products, OPEC said in the latest issue of its Monthly Oil Market Report (MOMR), published on 11 August. The worlds economic circumstances have yet to show signs of improvement, OPEC said, with the...