Middle East Economic Survey


No 30


OPEC Revises Down 2005 Oil Demand Growth To Below 2%

OPEC has revised down its estimate of global oil demand growth by 150,000 b/d to 1.62mn b/d or 1.98%, bringing its estimate for 2005 global oil demand to 83.66mn b/d. In its July Monthly Oil Market Report, OPEC said that the downwards revisions were due to lower global economic growth 4.09% versus 4.14% in the June report and latest data which points to significantly lower consumption...