Middle East Economic Survey

VOL. XLIX

No 13

27-March-2006

OPEC

OPEC Follows IEA In Cutting 2006 Oil Demand Growth View Citing Weak US, Asian Demand

OPEC cut its forecast for oil demand growth in 2006 by 110,000 b/d to 1.46mn b/d citing the persistent year-on-year contraction in US demand during January and February and a more pessimistic view for growth in non-OECD Asia. In its March Monthly Oil Market Report, OPEC cited US Department of Energy data which showed that total US petroleum supplies...