Middle East Economic Survey


No 7


IEA Raises Demand Growth Forecast On Higher Than Expected Consumption Data

In its latest monthly Oil Market Report (OMR), the International Energy Agency (IEA) has increased its forecast for global oil demand for 2010 and 2011 by 120,000 b/d, citing higher than expected data submissions in non-OECD Asia and improved economic prospects for OECD North America. Released on 10 February, the OMR estimates global oil demand at 87.8mn b/d in 2010...