Middle East Economic Survey


No 29


IEA Forecasts 2011 Global Oil Demand At 87.8Mn B/D

The International Energy Agency (IEA) said global oil demand would rise by 1.6% or 1.3mn b/d year-on-year to 87.8mn b/d in 2011, while leaving its forecast for 2010 largely unchanged at 86.5mn b/d (2.1% or 1.8mn b/d versus 2009). The IEA said in the latest monthly Oil Market Report (OMR), released on 13 July, that its forecast is based on IMF economic assumptions that see global economic...