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Middle East Oil Demand in September 2012

Source: OPEC 11/1/2012, Location: Middle East

Oil consumption within the Middle East has been growing by around 0.2 mb/d or 2.8% annually. Most of the growth is attributed to the transport and industrial sectors. Despite a reduction in Iran’s total energy use, the country’s total oil demand for the year is forecast to be flat.

The partial removal of gasoline subsidies in domestic consumption has led to the easing in the country’s use of gasoline. The excessive summer heat led to massive fuel demand by power generation in Saudi Arabia in August. The country’s fuel and diesel oil demand rose by 56% and 16%. Both the power sector and summer transport fuel demand drove up the country’s total oil demand by 14% y-o-y or 0.3 mb/d during the month. The Middle East will consume 7.8 mb/d at the end of 2012, denoting growth of 0.2 mb/d y-o-y.

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