Middle East Economic Survey


No 16


Developing Asia Adjusting To Reality Of High Oil Prices, Says IEA

Although Asias developing countries were the engine of global oil demand growth in 2004, the International Energy Agency (IEA) says cuts in fuel subsidies by regional governments are expected to slow demand growth in 2005. In the latest monthlyOil Market Report, published on 12 April, the IEA estimates that Asian developing countries accounted for 1.33mn b/d or 49% of...