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Middle East Oil Demand in August 2012

Source: OPEC 8/23/2012, Location: Middle East

In spite of the decline in LPG and fuel oil usage in Saudi Arabia, transport fuel use rose sharply, leading to total growth of 12% in June y-o-y. Furthermore, the demand for electricity, as a result of the hot summer, pushed up crude burning by 26% in June alone. The country’s electricity demand hit a record this summer. In the first six months, its oil demand rose by 4.9% y-o-y, adding another 0.1 mb/d to total oil demand. Iran’s oil demand stabilized in May, showing growth of 7.9% or 0.1 mb/d. Most of the growth was related to gasoline consumption. In the first five months of the year, the country’s gasoline usage went up by 22% y o-y. However, it is forecast that its oil demand will be flat this year, averaging 1.8 mb/d. Middle East oil demand is forecast to grow by 2.7% in 2012, to average 7.8 mb/d.

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