Middle East Economic Survey

VOL. L

No 36

17-September-2007

SUPPLY/DEMAND/OIL PRICES

IEA Cuts Oil Demand Forecast Due To Impact Of High Prices

The International Energy Agency (IEA) has reduced its estimates of global oil demand, and also lowered its expectations of demand growth in 2007 and 2008 by 100,000 b/d to 1.4mn b/d and 2.1mn b/d respectively. In the latest monthly Oil Market Report, published on 12 September, the IEA observes: Global oil product demand has been slightly revised down to...