Middle East Economic Survey


No 12



IEA Maintains 2007 Oil Demand Growth Forecast At 1.5Mn B/D

The International Energy Agency (IEA) has maintained its forecast for global oil demand growth in 2007 at 1.5mn b/d, but says that the market is heading for a large 1Q07 stockdraw. In the latest monthly Oil Market Report, published on 13 March, the IEA said: Tighter OPEC supply and colder temperatures in the US in February served to perpetuate the recent downward trend in...