Middle East Economic Survey


No 34


EIA Forecasts Oil Consumption Growth Of 1.3Mn B/D In 2006 And 1.8Mn B/D In 2007

The Energy Information Administration (EIA) of the US Department of Energy forecasts continued growth in oil demand, despite predicting that WTI crude prices will average $70/B in 2006 and 2007. In the latest monthly Short-Term Energy Outlook, published on 8 August, the EIA said: World petroleum consumption growth remains strong at 1.3mn b/d in 2006 and 1.8mn b/d...