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Saudi Arabia Oil Demand - August 2017

Source: OPEC 9/5/2017, Location: Middle East

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In Saudi Arabia, the first six months of 2017 indicate a 3.0% y-o-y decline in oil requirements. The main factors behind this are the sluggish volumes for crude direct use, as well as diesel oil, mainly in the industrial sector, due to the substitution to natural gas.

Strong oil demand in the first six months of 2017 has been observed in Iraq. Demand for all main petroleum product categories was solid, notably for crude direct use, gasoline, diesel oil, jet/kerosene and residual fuel oil. Naphtha, however, saw a decline, which can be largely attributed to fuel substitution with natural gas. Y-t-d, oil demand in 2017 also grew strongly in Qatar and the UAE.

The outlook for 2017, Middle East oil demand remains positive with risks generally skewed to the upside. Some factors that may curb oil demand in the region during 2017 are domestic petroleum product retail prices, fuel substitution, as well as the economic development in the region’s main oil consumers. For 2017, Middle East oil demand is forecast to grow by 110 tb/d, while oil demand in 2018 is projected to increase by 100 tb/d.

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