Middle East Economic Survey

VOL. XLVIII

No 20

16-May-2005

IEA Sees Oil Market Still Rebalancing After 2004 Demand Surge

The International Energy Agency (IEA) has changed its outlook little from last month, predicting in the latest monthly Oil Market Report, published on 11 May, that global oil demand would grow by 1.77mn b/d (2.2%) in 2005. While demand estimates for China/US/European demand were reduced, this was compensated by upward adjustments to the outlook for the OECD Pacific, Asia...