Middle East Economic Survey

VOL. XLVII

No 25

21-June-2004

OPEC

OPEC Revises 2004 Oil Demand Forecast Higher Again

An upward revision in US consumption data in 2003 and much stronger oil demand in the first and part of the second quarter of 2004 has led OPEC to revise its 2004 oil demand growth forecast higher again to 1.9mn b/d equivalent to 2.41% the highest demand increment since 1997. In its June Monthly Oil Market Report, OPEC said the average 2003 world oil demand estimate was revised up by...