Middle East Economic Survey

VOL. LI

No 7

18-February-2008

SUPPLY/DEMAND

IEA Lowers Oil Demand Growth Forecast Further On Faltering US Economic Outlook

The International Energy Agency (IEA) has lowered its estimate for 2008 global oil demand growth to 1.6mn b/d, having last month reduced predicted growth to 2.0mn b/d from 2.1mn b/d (MEES, 21 January). In the latest monthly Oil Market Report (OMR), published on 13 February, the agency attributed the downward revision mainly to a lower prognosis of US...