Middle East Economic Survey


No 3


IEA Reduces 2008 Demand Growth Forecast To 2.0Mn B/D

The International Energy Agency (IEA) has reduced its forecast for 2008 oil demand growth to 2.0mn b/d from the 2.1mn b/d predicted in the previous outlook (MEES, 17 December 2007). The reduction in demand growth in the IEAs latest monthly Oil Market Report is due to an increase in estimates for 2007 oil consumption: Global oil product demand has been adjusted up by roughly 150,000 b/d in...