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Middle East Oil Demand in December 2011

Source: OPEC 1/19/2012, Location: Middle East

The low seasonality in the Middle East in the fourth quarter caused a minor slowdown in the region’s biggest consuming countries, Saudi Arabia and Iran. Summer electricity consumption pushed up third-quarter oil demand by 0.2 mb/d, in line with the normal seasonal pattern. Middle East oil demand growth reached 0.17 mb/d in 2011. The factors that drive oil demand in the Middle East will not be different this year from last year. Hence, oil demand for 2012 is forecast to grow by 0.19 mb/d y-o-y.

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