Middle East Oil Demand in April 2015

Source: OPEC 4/28/2015, Location: Middle East

In Saudi Arabia, product categories saw positive performance during the month of February, with the exception of direct crude burning, which decreased by around 40 tb/d. This translates into more than 11% y-o-y, in line with seasonal norms for power generation consumption, which tends to ease during winter. Performance of transportation fuels, on the other hand, was on the rise, with jet fuel, gasoline and gasoil increasing by more than 21 tb/d, 66 tb/d and 61 tb/d y-o-y, respectively. Oil demand was higher by 0.16 mb/d, or 8%, in February, y-o-y.

Oil demand in Iraq continued to decline. The magnitude of the drop was strong in February, with total demand shrinking by more than 0.11 mb/d or around 16% y-o-y. All products saw decreases, with no exception. Oil demand in Iraq is traditionally driven by diesel oil as both a transportation and industrial fuel followed by fuel oil for power generation and gasoline for road transportation, all of which have recorded a significant drop in volume Projections for oil demand in 2015 remain as highlighted in the previous MOMR.

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