The IEA Oil Market Report released October 12, 2012 has predicted that oil demand in the Middle East region is expected to continue increasing from its current third quarter level of 8 million barrels per day to 8.2 million barrels per day in the third quarter of 2013.
Global oil demand is expected to rise from its current level of 90.1 million barrels per day to 91.1 million barrels same time next year. Refinery Crude throughput in the Middle East on the other hand is expected to fall from current levels of 6.0 million barrels per day to 5.9 million barrels a day the same period next year.
Among other events that the report had cited as a departure from ‘business as usual’ was the reduction in Iranian exports since July from the expansion of international sanctions. Contrary to expectations that exports would remain strong as Iranians circumvented the sanctions, Iranian crude deliveries fell to an estimated 860,000 barrels per day, a new low.
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