Middle East Economic Survey


No 12


IEA Raises Demand Growth Forecast On Stronger Non-OECD Data

The International Energy Agency (IEA) has revised upwards by 70,000 b/d its global oil demand estimates for 2009 and 2010 on higher than expected non-OECD data, which has offset persistently weak OECD consumption. In the latest monthly Oil Market Report, published on 12 March, the IEA says: Oil demand is now estimated at 85.0mn b/d in 2009 (-1.4% or -1.2mn b/d year-on-year), and...