Middle East Economic Survey


No 52


OPEC Predicts Reduced Demand For Its Crude In 2008

OPEC predicts that demand for crude oil produced by member countries will decline in 2008, even though global demand is expected to increase. In the latest Monthly Oil Market Report, published on 17 December, OPEC estimates demand for OPEC crude in 2007 at an average 31.7mn b/d, but predicts that this will fall in 2008 to 31.4mn b/d. The 2008 global demand increment is expected to be more...