Middle East Oil Demand in July 2013

Source: OPEC 7/18/2013, Location: Middle East

In Saudi Arabia, cumulative oil demand figures for 2013 are positive compared with the same period last year. Crude oil burning, however, registered negative growth for the same period, albeit the start of the summer air conditioning season. The transportation and industrial sectors in the country are performing significantly well, promoting an intact projection for 2013.

Demand figures in the Middle East for 1H13 were revised down by 20 tb/d and 30 tb/d for the 1Q13 and 2Q13, respectively. For 2H13, a downward revision of 20 tb/d has also been accounted for, mainly as a result of a downward revision in GDP growth. In 2012, Middle Eastern oil demand expanded by 0.24 mb/d, while 2013 oil demand will grow only slightly by 50 tb/d compared with 2012. In 2014, Middle Eastern oil demand is projected to rise by 20 tb/d compared with 2013.


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