Middle East Economic Survey


No 8


OPEC Raises Demand Growth Forecast To 1.73Mn B/D For 2005

OPEC has revised upwards its forecast of oil demand growth for 2005, projecting average global oil demand of 83.78mn b/d, implying a gain of 1.73mn b/d or 2.11% over 2004. In the latestMonthly Oil Market Report, published on 16 February, OPEC attributed the increase to projections of stronger world GDP growth: The world economy began 2005 on a strong note. First indications...