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Middle East Oil Demand in February 2015

Source: OPEC 2/11/2015, Location: Middle East

In Saudi Arabia, December 2014 oil demand was robust once more in line with the healthy oil demand performance achieved in 2014. Product demand grew by more than 0.23 mb/d or 10% y-o-y led by the uptick in fuel oil demand as production from the new refineries has become available for domestic consumption. Additionally, colder-thananticipated weather conditions in the central and northern parts of the country prompted additional usage for power generation. Fuel oil and direct crude burning consumption have increased by 0.19 mb/d and 43 tb/d, respectively, as compared to December 2013, an increase of around 43% and 13% y-o-y. Information for 2014 showed a similar pattern of oil demand consumption data, both in terms of the overall scale of the growth and the products leading those increases. Oil demand increased by around 0.21 mb/d, which equated to more than 9% y-o-y, led by fuel oil and direct crude for burning.

Other countries in the region showed mixed performances. While oil demand in Iraq continued to decline for the seventh consecutive month ? lower y-o-y by 0.12 mb/d ? consumption from UAE, Kuwait and Qatar was on the rise. Going forward, Middle East oil demand is subject to the performance of the various economies in the region with the impact of lower oil prices on their spending plans. For 2014, Middle East oil demand growth is anticipated to hover around 0.25 mb/d, while oil demand in 2015 is projected to grow by 0.29 mb/d.

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