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Middle East Oil Demand in May 2013

Source: OPEC 5/25/2013, Location: Middle East

In Saudi Arabia, 1Q13 oil demand grew remarkably at 7% y-o-y as a result of increasing requirements for industrial and transportation fuels, while relatively mild weather implied less direct crude burning. In addition to road transport, which is anticipated to continue to increase in the coming months, the petrochemical sector is also expected to add a significant amount to oil demand growth as a result of new ethylene capacity additions.

Oil consumption in Kuwait also grew strongly during 1Q13, by 4% y-o-y, with distillates accounting for the bulk of the increase. Similarly strong oil demand in 1Q13 has been observed in Iraq (10%) and Qatar (18%), y-o-y. Growth in Middle East oil use during 1Q13 was mainly led by industrial and transportation fuels, as a result of a strongly growing economy and industrial production.

The outlook for Middle East oil demand in 2013 has been revised upward since last month’s projections, reflecting the upward revsision in GDP gorwth, and the risk remained skewed to the upside.

Middle East oil consumption grew by 0.25 mb/d in 2012; oil consumption in 2013 is projected to increase by a higher 0.30 mb/d.

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