Middle East Economic Survey


No 7


IEA Revises Global Crude Oil Demand Upward For 2009 And 2010

The International Energy Agency (IEA) revised its global demand forecast up by 50,000 b/d for 2009 and by 170,000 b/d for 2010 in its latest Oil Market Report (OMR), released on 11 February. More robust economic projections by the International Monetary Fund, notably for 2010 (annual global GDP growth of +3.8%), are partly counterbalanced by a higher price assumption and...