Middle East Economic Survey

VOL. L

No 47

19-November-2007

SUPPLY/DEMAND

IEA Reduces Forecast Oil Demand Growth Due To High Prices

After record crude oil prices in early November, the International Energy Agency (IEA) says there are now strong indications that high prices are depressing demand. In the latest monthly Oil Market Report, published on 13 November, IEA attributes the record prices to lower crude stocks, constrained supplies and new geopolitical tensions, but says high prices and signs of...