August 2008

Trends and Resources

HP Impact: HPImpact: Middle East overtakes Asia-Pacific as key oil-consuming center

Asia-Pacific has been an engine of growth for global oil demand for many years, while Middle East growth has not been as substantial until recent years. "Between 2000 and 2007, Middle East petroleum c..

Weirauch, Wendy, Hydrocarbon Processing Staff

Asia-Pacific has been an engine of growth for global oil demand for many years, while Middle East growth has not been as substantial until recent years. "Between 2000 and 2007, Middle East petroleum consumption increased by an average of 249 thousand barrels/day (Mbpd) annually, with a robust 5.7%/yr average growth rate," according to a recent report from FACTS Inc. (www.FGEnergy.com). The Middle East is now one of the key demand centers of the world. Regional demand is projected to grow 5.8%/yr between 2008 and 2015. In contrast, FACTS forecasts the Asia-Pacific region to post a more modest 2.8%/yr increase over the same period. East of Suez petroleum demand—the demand of the Middl

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