Annual Report 2012 - page 44

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CHAPTER ONE
Developments in Global Markets
2. World Oil Demand
In 2012, global oil demand increased in absolute terms by 800
thousand b/d, the same level of growth seen in previous year due
to slowdown in global economic growth. The state of the global
economy, is considered an important criterion to determine the size
of the global demand for oil. The relationship between economic
growth and the global oil demand growth represented through the
impact of the continuing slowdown in economic growth rates on
demand growth during the last two years, compared with the year
2010. The change in the direction of global economic growth from
5.1% in 2010 to 3.8% in 2011 and to 3.3% in 2012 accompanied by
a decrease in rate of oil demand growth from 2.8% in 2010 to 0.9%
in 2011 and 2012.
Figure 1-2
Annual Change in World Supplies of Crude Oil and NGL’s, 2008-2012
(million b/d)2 ϝϛηϟ΍
-2.5
-2
-1.5
-1
-0.5
0
0.5
1
1.5
2
2008 2009 2010 2011 2012
OPEC Non-OPEC