Middle East Economic Survey

VOL. XLVII

No 47

22-November-2004

OPEC

OPEC Revises 2004 Oil Demand Growth Lower On Chinese Slowdown, Weaker FSU

OPEC has revised 2004 oil demand growth lower in its November Monthly Oil Market Report, citing the slowdown in Chinese oil consumption in the second half of the year and weaker FSU demand due to slower economic activity. This has reduced expected demand growth by 120,000 b/d to 2.5mn b/d, bringing annual average demand to 81.74mn b/d, OPEC said. The report...