Middle East Economic Survey


No 28


EIA Predicts Growing Demand Will Diminish Chances For Price Decline Through 2005

Growing oil demand at a time of low inventories and geopolitical uncertainty is expected to bolster oil prices in the foreseeable future, according to the Energy Information Administration (EIA) of the US Department of Energy. In its latest monthly Short-Term Energy Outlook, published on 7 July, the EIA predicts that worldwide oil demand will rise from 79.52mn...