Middle East Economic Survey

VOL. XLVIII

No 1

3-January-2005

OPEC Sees 2004 Oil Demand Growth At 2.51Mn B/D, Highest Since 1977

With global economic growth running close to 5% in 2004 on the back of US economic expansion and the trade and investment-driven growth in China and Asia, OPEC has forecast that average oil demand growth for the year will come in at 3.17% or a year-on-year gain of 2.51mn b/d the highest level of growth since 1977. In its December Monthly Oil Market Report, OPEC said...