The decline in crude burning reduced Saudi Arabian oil demand by 0.04 tb/d in May y-o-y. However, this is not expected to be repeated in the peak of the summer, where demand for electricity is at its highest. Saudi motorists consumed almost half a million barrels of gasoline daily in May. Transportation fuel is growing at a fast rate, as a result of strong economic activity. Middle East oil demand is forecast to grow by 2.4%, to average 7.7 mb/d in 2012.
Austria >> 5/12/2013 - The OPEC Reference Basket dropped for the second-consecutive month in April, declining by
$5.39 or more than 5% to stand at $101.05/b. Year-to-date, ...
Austria >> 5/12/2013 - Non-OPEC Estimate for 2012
Non-OPEC oil production is estimated to have averaged 52.98 mb/d in 2012, indicating
an increase o...
Austria >> 5/12/2013 - Estimate for 2012
Demand for OPEC crude for 2012 has been revised up by 0.1 mb/d to stand at
30.2 mb/d. This was due to the downward revi...
Colombia >> 5/9/2013 - Ecopetrol S.A. announces that its Board of Directors approved the allocation of an extra US$502 million for the modernization project of its Cartagena...
India >> 5/7/2013 - In February, Indian oil consumption fell for the first time for 23 months, by 1.5% y-o-y, driven by sluggish economic growth and weaker farm, mining a...
Sudan >> 5/7/2013 - Sudan looked set to receive $2 billion in oil pipeline fees from South Sudan by the end of 2014 and should prioritize overhauling its agricultural sec...
