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CHAPTER ONE
Developments in Global Markets
This development was reflected on the global oil demand
expectations for 2012 which were issued on a monthly basis by the
key international institutions. OPEC’s January 2012 forecast indicates
a rise in world oil demand by 1.1 million b/d, but the forecast had
been revised downwards to 0.9 million b/d and 0.8 million b/d in
February and November 2012 respectively.
In general, low economic growth rates had a negative impact on
world oil demand growth, which rose by only 0.8 million b/d, indicating
a growth of 0.9%, over 2011 level. World oil demand in 2012 reached
around 88.8 million b/d, as shown in
Figure (1-5)
and
Table (1-4)
.
Figure 1-5
World Oil Demand, 2008-2012
(million b/d)
The level of oil demand varied from one international group of
countries to another. Whilst it decreased in the OECD countries in
2012 by 400,000 b/d from its 2011 level to 45.5 million b/d, it
rose in the rest of world countries by 1.2 million b/d, comparing to
previous year level.
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89
81
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85
2008
2009
2010
2011
2012
