Middle East Economic Survey

VOL. XLVIII

No 34

22-August-2005

OPEC Cuts 2005 Oil Demand Again To 1.9%, 1.58Mn B/D

OPEC has again shaved oil demand estimates for 2005, in its August Monthly Oil Market Reportreducing outright growth by 40,000 b/d to 1.58mn b/d, or 1.9%, compared to 1.62mn b/d, or 2%, in the July report (MEES, 25 July). Despite the slight upward revision to total world GDP indicating a growth rate of 4.14% for 2005 compared to the 4.09% projected last month, world oil demand growth...