Middle East Economic Survey


No 24



IEA Raises 2009 Demand Forecast By 120,000 B/D To 83.3Mn B/D

The International Energy Agency (IEA) adjusted upward its forecast for global oil demand for 2009 by 120,000 b/d to 83.3mn b/d in its latest Oil Market Report (OMR), released on 11 June. Global oil demand is projected to be -2.9% or -2.5mn b/d lower in comparison with 2008. These revisions do not necessarily imply the beginnings of a global economic recovery, and may...