Middle East Economic Survey


No 25


BP Statistical Review Shows Production Growth Outstripping Demand Growth In 2003

Crude oil prices were at their highest annual level for 20 years last year, despite worldwide oil production growth in 2003 outstripping consumption growth by 1.2mn b/d, according to BP Chief Economist Peter Davies. Launching the BP Statistical Review Of World Energy 2004 in London on 15 June, he said: The major oil market issue on everybodys mind at present is...