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Middle East Oil Demand in March 2012

Source: OPEC 3/28/2012, Location: Middle East

Total Gasoline Diesel oil Fuel oil Saudi Arabia is the largest oil-consuming country in the region and also has the highest annual growth in the Middle East. Given its energy-intensive projects, Saudi oil demand is expected to grow by 0.12 mb/d in 2012, to average 2.7 mb/d. Iran’s oil demand is not expected to grow this year; however, January’s decline in consumption was less than estimated. But it will drop slightly this year, losing 0.01 mb/d. Overall, Middle East oil demand is forecast to grow by 2.4% in 2012. The seasonality that plays a major role in oil consumption in the Middle East is the summer season, pushing third-quarter oil demand higher than any other quarter.

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