Middle East Economic Survey


No 29


EIA Reduces Oil Demand Growth Forecast For 2011, Holds 2012 Outlook Steady

The Energy Information Administration (EIA) of the US Department of Energy has reduced its forecast for 2011 oil demand growth, but expects the market to tighten through 2012. In its latest monthly Short-Term Energy Outlook, issued on 12 July, EIA projects that global oil consumption will grow by 1.4mn b/d in 2011 and 1.6mn b/d in 2012. This compares with demand...