Middle East Economic Survey

VOL. XLVIII

No 52

26-December-2005

SUPPLY/DEMAND

Strong Economic Outlook Underpins OPECs Latest Upwards Revision Of Oil Demand Growth

OPEC has once again revised oil demand growth slightly higher for 2005 and 2006 based on fresh evidence that the global economy has shown resilience despite rising interest rates and energy prices. In its December Monthly Oil Market Report, OPEC now forecastsworld oil demand growth in 2005 at 1.22mn b/d, or 1.5%, bringing demand to a total...