Global oil demand is projected to reach 89.8 million barrels per day (b/d) in 2012, constituting an increase of 1% from 88.9 million b/d in 2011. Oil demand in the U.S. is expected to reach 19.1 million b/d in 2012, equivalent to 21.3% of global consumption.
It would be followed by the EU with 9.9 million b/d (11%), China with 9.5 million b/d (10.6%), the Middle East & North Africa region with 9.2 million b/d (10.2%), Industrialized Asian economies with 4.9 million b/d (5.5%), and the Commonwealth of Independent States with 4.6 million b/d (5.1%). In parallel, global oil supply is expected to reach 89.8 million b/d in 2012, constituting an increase of 1.6% from 88.4 million b/d in 2011. OPEC is expected to supply 40.8% of the global oil production while non-OPEC supply would account for the rest. Also, brent crude oil prices are projected to average $106.2 per barrel (p/b) in 2012, constituting an increase of 2.1% from $104 p/b in 2011, and to decrease to $105.1 p/b in 2013.
In parallel, the Dow Jones-UBS Brent Crude Sub-Index declined by 2% in September 2012, while the Dow Jones-UBS WTI Crude Oil Sub-Index decreased by 4.7% during the month.
Sources: International Monetary Fund, International Energy Agency, Byblos Research, Dow Jones Indices