Middle East Economic Survey

VOL. XLVIII

No 38

19-September-2005

IEA Reduces Demand Growth Forecast Due To Katrina And Chinese Weakness

The International Energy Agency (IEA) has reduced its forecast for 2005 oil demand growth after an initial assessment of the impact of Hurricane Katrina, but notes that weak Chinese demand was a contributing factor. In the latest monthly Oil Market Report, published on 9 September, the IEA says: Hurricane Katrina shuttered production capacity of over 1.4mn b/d of...