Middle East Economic Survey

VOL. XLVIII

No 5

31-January-2005

OPEC Revises 2005 Demand Higher But Sees Possible 1Q Stockbuild On Strong Supply

OPEC has revised upwards its oil demand growth figure for 2005 to 1.65mn b/d or 2% resulting in an annual average world demand of 83.64mn b/d, due to solid consumption data emerging for November and December 2004 and the upwards revision to forecasts for global economic growth in 2005. In its January Monthly Oil Market Report, OPEC said that 2004 global...