Middle East Economic Survey


No 46


IEA Reduces Demand Outlook On Gloomy GDP Forecast

The International Energy Agency (IEA) has again reduced its oil demand outlook because of the global economic slowdown. In the latest monthly Oil Market Report, published on 13 November, the IEA says: Oil demand forecasts for 2008 and 2009 are cut by 330,000 b/d and 670,000 b/d respectively, after another large downward revision to global GDP prognoses by the IMF and continued signs of demand...