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Middle East Oil Demand in April 2012

Source: OPEC 4/27/2012, Location: Middle East

Winter-time is low season for electricity demand in Saudi Arabia; hence, oil demand was down dramatically. Both fuel and crude oil consumption by power plants declined by 170 thousand barrels a day (tb/d) in February y-o-y. This decreased total oil-usage by 5.8% in the same month. Iran, the second-largest oil-consuming country in the Middle East after Saudi Arabia, maintained the same level of oil consumption in February. Following many months of decline, gasoline demand grew strongly in February, adding another 0.07 mb/d to total oil demand. Iranian oil demand averaged 1.5 mb/d during that month. Middle East oil demand is forecast to grow by 2.4%, averaging 7.6 mb/d in 2012.

Strong gasoline consumption hiked Brazilian oil demand by 6% in January y-o-y. Gasoline demand grew by 23%, adding another 116 tb/d to the country’s total oil demand pool. This increase in the country’s oil demand came about despite the massive slide in petroleum alcohol usage for fuel. Developing countries’ oil demand growth is forecast at 0.6 mb/d y-o-y to average 28.2 mb/d in 2012.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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