Middle East Economic Survey


No 20


IEA Reduces Demand Growth Forecast On Persistent High Prices

The International Energy Agency (IEA) has reduced its global oil demand growth forecast for 2011 to 1.3mn b/d, citing persistent high prices and weaker IMF projections for advanced economies. In its latest monthly Oil Market Report, published on 12 May, the agency says that its own estimates for global demand show a marked slow-down, with preliminary March data suggesting near...