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CHAPTER ONE
Developments in Global Markets
2-2 Developing Countries
Oil demand of the developing countries (including China)
increased in 2012 by 1.0 million b/d, or 2.7% compared with last
year to reach unprecedented level of 38.2 million b/d. It is worth
mentioning that demand of developing countries is the main engine
of the global oil demand, as it witnessed an increase of about 4.6
million b/d in 2012 compared with its 2008 level.
Among this grouping, demand in the Middle East and Africa rose
by around 300,000 b/d to 11.2 million b/d, of which the Arab countries
accounted for 6.6 million b/d, accounting for the entire increase of the
region’s demand and for about 30% of the increase in the developing
countries demand. OAPEC member countries were responsible for the
entire increase in demand of the Middle East andAfrica. The demand of
other countries in Middle East and Africa region remained unchanged
from the previous year level of 4.6 million, b/d.
The entire increase in the Arab countries demand originated from
OAPEC member countries, where demand grew by 5.6% compared
with last year level to 5.7 million b/d, and other Arab countries oil
demand remained unchanged from previous year level of 900,000 b/d.
Demand in the Asian developing countries also rose by 600,000
b/d to 20.5 million b/d in 2012. Despite the slowdown in China’s
economic growth, Chinese demand, which is the main engine of
Asian economic growth and recovery, accounted for more than 47%
of total demand in the Asian developing countries, and responsible
for 50% of the increase in demand of the Asian developing countries
and for 30% of the increase among all developing countries. Chinese
demand rose by 300,000 b/d to 9.7 million b/d in 2012. It is worth
mentioning that Chinese demand for oil went up in all quarters
of 2012 except the third quarter when it decreased by 400,000 b/d
