Middle East Economic Survey


No 46


IEA Reduces Global Oil Demand Forecast Further On Weak 3Q11 Data

The International Energy Agency (IEA) has revised down its global oil demand forecast by 70,000 b/d for 2011 and 20,000 b/d for 2012. In its latest monthly Oil Market Report, published on 10 November, the agency attributed the revision to lower than expected 3Q11 demand readings in the US, China and Japan. Global oil demand is expected to rise to 89.2mn b/d in 2011 (+1.0% or...