Middle East Economic Survey

VOL. XLVIII

No 43

24-October-2005

OPEC Cuts 2005 Oil Demand View But Sees Economic Outlook Healthy

OPEC has for the sixth consecutive month cut its oil demand growth forecast for 2005 but has insisted that the economic outlook for the global economy remains healthy, with hurricanes Katrina and Rita reducing US growth by just 0.1% in 2005 and global growth forecast at 4.2% in 2005 and 4% in 2006. In its October Monthly Oil Market Report, OPEC revised 2005 oil demand...