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Middle East Oil Demand in August 2014

Source: OPEC 8/12/2014, Location: Middle East

In Saudi Arabia, June 2014 oil demand was characterized by continued healthy growth. All product categories increased during the month with the exception of jet/kerosene and fuel oil. Robust increases were recorded in crude oil for direct burning, diesel oil, LPG and gasoline, matching the development and expansion in the petrochemical sector as well as the road transportation sector. Growth in the road transportation sector was also supported by gains in auto sales and the seasonal pickup in demand during the holy month of Ramadan, while increases in crude oil for direct burning were recorded as a result of new mega projects in the country in addition to increased usage of air conditioning during the summer months.

Oil demand also grew at a robust pace in Kuwait during June 2014 as a result of healthy increases in transportation fuels, namely gasoline and jet/kerosene, which increased by more than 30% as compared to June 2013. Overall oil demand increased by more than 10% in June 2014 as compared to June 2013.

In Iraq, oil demand requirements in June decreased for the first time since November 2013, down by almost 12% y-o-y, with all product categories registering declines. The outlook for 2014 Middle East oil demand remained unchanged since last month’s projections with risks being equally distributed both to the upside and downside. For 2014, Middle East oil demand is expected to grow by 0.31 mb/d, while oil demand in 2015 is projected to increase by 0.30 mb/d.

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