Middle East Economic Survey

VOL. LII

No 4

26-Jan-2009

OIL PRICES/SUPPLY/DEMAND

IEA Forecasts First Two-Year Demand Contraction Since Early 1980s

The International Energy Agency (IEA) revised its forecast for global oil demand for 2009 downward by 1.0mn b/d since its last report (MEES, 15 December 2008), following a halving of assumed global GDP growth to 1.2%, given the worsening outlook in OECD and non-OECD countries alike, notably in Asia and Latin America. In the latest monthly Oil Market Report...