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Middle East Oil Demand in December 2012

Source: OPEC 12/24/2012, Location: Middle East

Saudi oil demand bounced back to its usual double-digit growth in October, at 13.7% y-o-y. The ‘summer effect’ is seen in the country’s oil demand in October, when powerplants use up an abundant amount of fuel and crude oil. Direct crude use increased by 47% in October alone, averaging 0.6 mb/d. Nevertheless, this is expected to ease dramatically this month.

Oil consumption in the Middle East has been growing strongly, reaching around 2.9% annually. Most of this growth is attributed to the transport and industrial sectors. It is estimated that the Middle East will have consumed 7.8 mb/d at the end of 2012, denoting growth of 0.25 mb/d y-o-y.

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