Middle East Economic Survey


No 51



EIA Holds 2007 Oil Demand Growth Forecast At 1.5Mn B/D

The Energy Information Administration (EIA) of the US Department of Energy has held its forecast for 2007 global oil demand growth steady at 1.5mn b/d, and predicts that OPEC supply cuts will help maintain WTI crude prices at an average $66/B in 2006 and $65/B in 2007. In the latest monthly Short-Term Energy Outlook, published on 12 December, the EIA says: In response to...