Middle East Economic Survey


No 16



OPEC Sees Promise Among Bleak Market Fundamentals

OPEC further downgraded oil demand estimates for 2009, with its projection for the call on its crude slashed a massive 2.1mn b/d compared to last year, the latest OPEC Monthly Oil Market Report (MOMR) shows. But signs of improvement in the global economy were helping to improve market sentiment, the report noted.

Global oil demand in 2009 will fall by 1.4mn b/d, a downward adjustment of...