Middle East Economic Survey

VOL. XLVIII

No 16

18-April-2005

IEA Trims 2005 Oil Demand Growth Forecast To 1.77Mn B/D

The International Energy Agency (IEA) has trimmed its prediction for 2005 oil demand growth by 40,000 b/d to 1.77mn b/d, with average demand for the year expected to be 84.3mn b/d. In the latest monthly Oil Market Report, published on 12 April, the agency attributes the adjustment mainly to a substantial increase in February FSU crude exports, implying a reduction in FSU demand....