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Iraq Oil Demand - September 2017

Source: OPEC 9/26/2017, Location: Middle East

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July oil demand growth in Iraq was broadly flat, with total product consumption back below the 0.7 mb/d mark at 0.67 mb/d. This data represents the slowest pace of growth so far in 2017. Product categories saw mixed performance, while demand for transportation fuels – jet fuel, gasoline and diesel oil, along with fuel oil – increased over the course of the month. Direct crude for power generation and naphtha lost ground, dragging overall consumption lower.

Oil demand growth in the Middle East in 2017 is foreseen to rise over 2016 levels, as economic momentum gains pace y-o-y, while for 2018 the level of oil demand growth is anticipated to moderate slightly from 2017 levels. Oil demand in Saudi Arabia is expected to fluctuate during the reminder of the current year as a result of consumer reactions to economic reform policies in the country. Demand from Iraq is projected to contribute positively to oil demand growth in the region, along with IR Iran, the UAE and Kuwait, which will provide support to a lesser extent.

Middle East oil demand for 2017 is projected to increase by 0.11 mb/d, while oil demand in 2018 is anticipated to rise by 0.10 mb/d.

Oil News in Iraq >>

Saudi Arabia >>  12/11/2017 - Saudi Arabia, the world’s top oil exporter, will supply full contractual volumes of crude to five North Asian refiners in January, unchanged from the ...
Iraq >>  12/6/2017 - The head of Iraq’s state oil marketer SOMO is currently holding talks in Iran to determine a start date for oil exports from Iraq’s Kirkuk oilfields, ...

Kuwait >>  11/29/2017 - Oil requirements also increased in Kuwait and the UAE by 3% and 2%, respectively, y-o-y as growth in the transportation fuels appeared to be the main ...
Austria >>  11/21/2017 - Non-OPEC supply in 2018 was revised down by 94 tb/d compared to last month’s analysis to average 58.54 mb/d, and now is expected to grow at a slower p...

Iran >>  11/21/2017 - Iran’s oil minister said on Monday that a majority of OPEC members support extending output cuts but a final decision will be taken at their next meet...
India >>  11/20/2017 - In September, India’s crude imports dropped from a month earlier by a slight 22 tb/d, to average 4.3 mb/d. Y-o-y, crude imports reflect a drop of 57 t...

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