Business | Oil & Gas
Mideast oil demand to stay strong
Middle East oil demand growth is expected to increase by at least 290,000 barrels per day (bpd) during the third quarter this year on the back of the region's healthy economic performance, the Organisation of Petroleum Exporting Countries (Opec) has said.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:21 August 17, 2008
Abu Dhabi: Middle East oil demand growth is expected to increase by at least 290,000 barrels per day (bpd) during the third quarter this year on the back of the region's healthy economic performance, the Organisation of Petroleum Exporting Countries (Opec) has said.
Opec, which produces more than 40 per cent of the world's oil output, said the Middle East's oil demand growth was 330,000 barrels a day in April-June second quarter averaging 6.8 million bpd.
"Given the healthy econ-omic performance in the Middle East, oil demand growth should remain strong in both the third and fourth quarters. Transport and industrial fuel demand are on the rise and are expected to remain so for the rest of the year," Opec said.
Latin America's oil demand growth is forecast to grow by 190,000 bpd to average 5.7 million bpd in 2008, Opec said.
Oil demand in developing countries is forecast to reach 800,000 bpd year-on-year to average 25 million bpd," Opec added.
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