Middle East Economic Survey

VOL. XLIX

No 20

15-May-2006

SUPPLY/DEMAND

IEA Reduces 2006 Demand Growth Forecast To 1.25Mn B/D

The International Energy Agency (IEA) has again reduced its 2006 oil demand growth forecast, after sharply higher gasoline prices and geopolitical concerns helped push WTI above $75/B in April. In the latest monthly Oil Market Report, published on 12 May, the agency says: Despite underlying economic strength, global oil demand growth for 2006 has been revised down from 1.47mn...