Middle East Economic Survey


No 51/52



IEA Estimates 2004 Oil Demand Growth At 2.6Mn B/D

The International Energy Agency (IEA) has maintained its prediction of global oil demand at 82.4mn b/d for 2004, which is 2.6mn b/d higher than in 2003 and represents the steepest annual demand growth since 1976. In the latest monthly Oil Market Report, published on 10 December, the IEA trims its demand growth forecast for 2005 by 70,000 b/d to 1.4mn b/d, because of...