Middle East Economic Survey


No 3



EIA Forecasts Loose Oil Market, Demand Decline In 2009

The Energy Information Administration (EIA) of the US Department of Energy forecast a decline in crude oil demand during 2009 with only a modest rebound in 2010 as global real GDP growth is expected to fall to 0.6% in 2009 and 3.0% in 2010. In the latest Short-Term Energy Outlook, published on 13 January, the EIA said: The outlook for supply and demand fundamentals indicates a...