52
39
th
Annual Report
comparing with the second quarter. Chinese demand was influenced
by many factors including the slowdown in industrial activity,
despite its improvement in the last months of the year, the decline in
exports which was affected by the situation of the global economy in
particular the European sovereign debt crisis, and also due to higher
domestic prices of petroleum products, especially after the adoption
of China’s new pricing mechanism aimed at reducing the gap between
the levels of domestic prices and international prices. In addition to
the lifting of incentives for registering new cars.
As for India’s economy, the other engine for the growth in theAsian
economy, oil demand has increased by around 200,000 b/d to 3.7
million b/d during the year. Indian demand was influenced strongly
by the stoppage of the electric power and the summer agricultural
season. The shortage in the supply of electricity has resulted in an
increase in the consumption of diesel oil by the owners of private
generators. The industrial sector, inclusive of the petrochemicals and
transport fuels accounted for the biggest share of the increase in
Indian demand during the year.
On the other hand, demand in Latin America went up by 100,000
b/d to 6.5 million b/d. Oil demand in Brazil was responsible for the
entire increase oil demand in the LatinAmerican countries.As a result,
it is unlike the previous year, other Asian countries experienced the
highest growth rates, followed by China, the Middle East and Latin
America, as shown in
Table (1-7)
.
2-3 Countries in Transition
In 2012, oil demand in the countries in transition increased by
100,000 b/d to 5.1 million b/d, the source of the entire increase was
the FSU, as shown in
Table (1-8)
.
