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Middle East Oil Demand in October 2012

Source: OPEC 11/18/2012, Location: Middle East

The partially removed gasoline subsidies on domestic consumption in Iran in the last quarter led to a reduction in gasoline demand by an average of 50 tb/d. Hence, the country’s oil demand has been flat since then. However, demand is estimated to inch up a bit in the next two quarters.

Oil consumption in the Middle East has been growing strongly, reaching around 2.9% annually. Most of the growth is attributed to both the transport and industrial sectors. Gasoline, diesel and fuel oil are the most consumed products within the region. The top consuming countries are Saudi Arabia (2.8 mb/d) and Iran (1.8 mb/d). Caused by massive growth for diesel (87 tb/d) and gasoline (31 tb/d), Saudi oil demand increased by 0.15 mb/d in September y-o-y to average 2.5 mb/d. Diesel demand grew the most, due mainly to industrial use, since some power plants within the kingdom operate on diesel.

For the first three quarters of the year, Saudi oil demand is estimated at 2.8 mb/d, denoting growth of 4%. It is forecast that the Middle East will consume 7.8 mb/d at the end of 2012, indicating growth of 0.2 mb/d for 2012 y-o-y.

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