Middle East Economic Survey


No 33


IEA Lowers Growth Forecast Amid Slackening Demand And High Prices

Sustained high oil prices and slowing economic growth have dramatically curbed global oil demand growth in recent months, the International Energy Agency (IEA) said in its latest Oil Market Report (OMR), released on 10 August. The forecast by the Paris-based agency trimmed global oil demand by 60,000 b/d for 2011 and raised demand by 70,000 b/d for 2012. Adjustments to this...