Middle East Economic Survey


No 4



IEA Trims Oil Demand Growth Forecast Following Large US Data Revisions

The International Energy Agency (IEA) has reduced its global demand growth forecast by 100,000 b/d to 800,000 b/d for 2006 and maintained its predicted growth for 2007 at 1.4mn b/d. In the latest monthly Oil Market Report, published on 18 January, IEA explains: Global oil product demand has been cut by 450,000 b/d in 4Q06 following large US data revisions,...