Middle East Economic Survey

VOL. L

No 30

23-July-2007

SUPPLY/DEMAND

IEA Predicts 2.2Mn B/D Oil Demand Rise In 2008

Global oil demand will rise strongly in 2008, according to the International Energy Agency (IEA). In the latest monthly Oil Market Report, published on 13 July, the agency makes its first detailed forecast for 2008, predicting a near-term continuation of current market tightness. Brent futures surged over $77/B by mid-July, on tight fundamentals, increased geopolitical tension and...