Middle East oil consumption shows strong growth

Middle East oil consumption showed above average growth of 4.4 per cent during 2007 as regional and global production fell for the first time since 2002, according to the recently released 2008 BP Statistical Review of World Energy.

The rise in Middle East oil consumption to 6.2 million barrels/day reflected the region’s continued strong economic growth mirroring a worldwide trend of increasing demand from emerging markets.
In percentage terms, the Middle East regional increase in oil demand was the world’s third highest after Latin America and Africa. Middle East oil production fell by 1.8 per cent to 25.2 million b/d on the back of OPEC production cuts in late 2006 and early 2007. The decline was partially offset by a seven per cent increase in production from Iraq.

MENAFN