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Middle East Oil Demand in July 2014

Source: OPEC 7/15/2014, Location: Middle East

In Saudi Arabia , oil demand figures continued their robust momentum during the month of May 2014, rising by around 274 mb/d or by more than 12% as compared to the same month in 2013. All products grew at different rates, with the highest growth originating in industrial and power generation fuels. Fuel oil increased by around 85 tb/d or more than 29% while crude oil utilized for direct burning for power generators also increased by more than 0.13 mb/d or 24% y-o-y. The increased usage of these products was mainly due to the newly commissioned desalinization plant located in the northwest of Jubail and the aluminum smelter plant, which commenced operations early this year. Part of this growth is also a result of the increased use of air conditioning, signalling the start of the increased summer oil requirements.

Additionally, other products, LPG and jet/kerosene grew at the high rates of 20%, 11% and 10%, respectively. Transportation fuels, namely gasoline and diesel, also grew but at lower rates than the rest. Oil demand is expected to remain robust in the coming months as the transportation and industrial sectors in the country perform well due to peak demand in summer and activities related to Ramadan and Eid al-Fitr. In 2014, Middle East oil demand is anticipated to expand by 0.31 mb/d as compared to 0.22 mb/d in 2013.

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