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Middle East Oil Demand in October 2013

Source: OPEC 11/6/2013, Location: Middle East

In Saudi Arabia, the first eight months of 2013 indicated a 2.2% y-o-y growth in oil requirements. The main factors behind the growth were increasing requirements for industrial and transportation fuels, and fuels for electricity generation, crude and fuel oil. Similarly, strong oil demand during the first eight months of 2013 has been observed in Qatar (20%), the bulk of which originated in the aviation and road transportation sectors, as well as in Iraq (7%) and Kuwait (1%).

The outlook for Middle East oil demand in 2013 remained unchanged since last month’s projections, with growth of 0.29 mb/d. In 2014, oil demand is projected to increase by 0.31 mb/d.

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