Middle East Economic Survey


No 42


IEA Reduces 2007 Oil Demand Growth Forecast To 1.4Mn B/D

The International Energy Agency (IEA) has again slightly reduced its oil demand growth outlook, maintaining its estimate of 2006 growth at 1.1mn b/d and reducing its 2007 forecast by 100,000 b/d to 1.4mn b/d. In the latest monthly Oil Market Report, published on 11 October, the agency attributed the adjustment to an IMF reassessment of US economic health and downward revisions to US...