Middle East Economic Survey


No 20


IEA Reduces Global Oil Demand Forecast By 190,000 B/D For 2009 And 2010

The International Energy Agency (IEA) revised its global demand forecast for 2009 and 2010 downward by 190,000 b/d in its latest monthly Oil Market Report (OMR), released on 12 May, putting demand for 2010 at 86.4mn b/d. The IEA said the revisions stem largely from baseline changes to non-OECD historical data, as slightly higher GDP prognoses from the IMF were largely...