Middle East Economic Survey


No 33


OPEC Reduces Demand Growth Forecast On Economic Worries

OPEC has revised down its forecast for 2011 global oil demand growth by 150,000 b/d to 1.2mn b/d. In its latest Monthly Oil Market Report, published on 9 August, OPEC says: Economic worries have affected OECD oil demand, leading to weaker than expected consumption during the summer driving season. Oil demand in the OECD is expected to continue its contraction after a temporary...