Middle East Economic Survey


No 38


IEA Reduces Demand Growth Forecast, Citing Negative Economic Developments

Lower expectations for economic growth are behind the latest crude oil demand growth forecast made by the International Energy Agency (IEA). The Paris-based agency, in the latest issue of its monthly Oil Market Report (OMR), released on 13 September, revised global oil demand for 2011 down by 0.2mn b/d and for 2012 down by 0.4mn b/d. Amid recent negative economic...