Middle East Economic Survey


No 50



IEA Forecasts First Annual Oil Demand Contraction For 25 Years

The International Energy Agency (IEA) has again reduced its oil demand growth forecast in the face of the global economic recession, this month predicting that oil demand will fall this year for the first time in 25 years. In the latest monthly Oil Market Report, published on 11 December, the agency says: Global oil demand is now expected to contract in 2008 for the...