Middle East Economic Survey


No 51


IEA Cuts Global Crude Demand Forecast Amid Worsening Economy And High Prices

The International Energy Agency (IEA) has in its latest monthly Oil Market Report (OMR) trimmed its global crude oil demand forecast for 2011 and 2012 by 160,000 b/d and 200,000 b/d respectively compared to demand estimates in the last issue. In the latest OMR, released on 13 December, the agency said a combination of the worsening global economic backdrop and...