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Middle East Oil Demand in June 2015

Source: OPEC 6/15/2015, Location: Middle East

In Saudi Arabia, April 2015 oil demand was characterized by a modest increase, with oil demand growth rising slightly, with total oil demand reaching around 2.35 mb/d. All products had positive growth, with the exception of fuel oil and direct crude burning. LPG, gasoline and jet/kerosene showed the highest growth levels of more than 28%, 18% and 2% y-o-y, respectively. The growth in the road transportation sector fuels was supported by increases in car sales data, while the decline in fuel oil consumption can largely be attributed to the less-than-anticipated demand for power generation requirements.

Oil demand in Iraq declined for another month. This marks the ninth consecutive monthly drop in oil requirements y-o-y. Total demand dipped by more than 12%, or 72 tb/d y-o-y, in April. Total oil demand, in absolute terms, is now at 0.52 mb/d after reaching as high as 0.75 mb/d at the end of 2013. Diesel oil, which is used in transportation and the industrial sectors, was sharply lower by around 48 tb/d, or 34% y-o-y, followed by LPG which shrank by around 15 tb/d or 25% y-o-y. On the other hand, fuel oil used for power generation recorded a rise of around 5 tb/d or around 4% consumption, imposing lower estimations for oil demand growth in the country for the rest of 2015.

For 2014, Middle East oil demand grew by 0.25 mb/d, while oil demand in 2015 is projected to increase by 0.22 mb/d.

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