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Middle East Oil Demand in October 2014

Source: OPEC 10/13/2014, Location: Middle East

In Saudi Arabia, August 2014 oil demand was characterized by a substantial increase of 0.31 mb/d or around 13% y-o-y, with total oil demand reaching around 2.73 mb/d. All products saw positive growth, with the exception of LPG and other products. Gasoline, jet/kerosene and fuel oil experienced the highest growth levels of more than 18%, 46% and 44%, respectively, compared with the same month a year earlier. Strong growth in the transportation sector was supported by the end-of-summer holidays, especially in the aviation sector while growth in fuel oil consumption can be largely attributed to the additional summer power generation requirements.

Oil demand declined in Iraq for yet another month. This marks the third monthly drop in oil requirements y-o-y. Total demand dipped by more than 20% or 0.15 mb/d y-o-y in August. Total oil demand, in absolute terms, is now just below 0.60 mb/d after reaching as high as 0.75 mb/d at the end of 2013. Demand for diesel oil, which is used in the transportation and industrial sectors, was lower by around 58 tb/d or 29% y-o-y, followed by gasoline, which dropped by around 37 tb/d or 26% y-o-y. Fuel oil used for power generation also recorded a decrease of around 22 tb/d or 14% y-o-y.

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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