Middle East Economic Survey


No 29


IEA Reduces 2005 Oil Demand Growth Forecast On Weaker China And US Outlook

The International Energy Agency (IEA) has reduced its forecast for 2005 oil demand growth by 200,000 b/d to 1.58mn b/d because of a weaker outlook for Chinese and US consumption. However, in the latest monthlyOil Market Report, published on 13 July, the IEA gives its first detailed forecast for 2006, predicting demand growth of 1.75mn b/d: A 1.34mn b/d increase in...