Middle East Economic Survey


No 13



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...