Middle East Economic Survey


No 38



OPEC Says 2004 Oil Demand Growth Highest Since 1985

OPEC has revised sharply higher its forecast of oil demand growth in 2004 by 0.3mn b/d to 2.52mn b/d, taking total 2004 oil demand up by 0.4mn b/d to 81.58mn b/d, according to data published in the September Monthly Oil Market Report (MOMR). On a quarterly basis, preliminary actual consumption data indicates that first-quarter demand has grown by 1.94mn b/d or 2.43% compared with...