Middle East Economic Survey


No 25


IEA Raises 2007 Oil Demand Growth Estimate To 1.7Mn B/D

The International Energy Agency (IEA) has raised its estimate for global oil demand growth in 2007 to 1.7mn b/d, compared with 1.5mn b/d in its previous monthly forecast (MEES, 14 May). In the latest monthly Oil Market Report, published on 12 June, the agency explains: Global oil product demand has been revised up to 84.5mn b/d in 2006 and 86.1mn b/d in 2007 (+250,000 b/d and +420,000 b/d,...