Middle East Economic Survey


No 34



IEA Leaves 2007 Oil Demand Growth View Steady At 1.56Mn B/D

The International Energy Agency (IEA) has left its forecasts for oil demand growth steady at 1.5mn b/d in 2007 and 2.2mn b/d in 2008, according to its August Oil Market Report. It said a surge of fuel oil and direct crude burning in Japan and of gasoil and fuel oil in several Gulf countries had been largely offset by downward revisions in non-OECD Asia and the FSU. It...