Middle East Economic Survey


No 28


IEA Increases 2008 Oil Demand Growth Forecast By 80,000 B/D

The International Energy Agency (IEA) has revised its forecast for 2008 oil demand up slightly, by 80,000 b/d, due to upward changes in non-OECD countries that offset downward revisions in the OECD. In its latest monthly Oil Market Report (OMR), published on 10 July, the agency said: Global oil product demand is expected to reach 87.7mn b/d in 2009, compared with 86.9mn b/d in 2008....