Middle East Economic Survey

VOL. XLVIII

No 38

19-September-2005

OPEC Cuts 2005 Oil Demand To 1.42Mn B/D In 2005 As Katrina Impact Uncertain

OPEC has cut its forecast of global oil demand growth to 1.42mn b/d or 1.73% for 2005 in its September Monthly Oil Market Report, the fifth consecutive downwards revision. The report said that this months revision was in part the result of the latest data coming in from major consuming countries which shows low growth demand rates for the first half of the...