Oil Demand Returns to Growth

Refined products consumption will return to growth of 180,000 b/d in the next year after shrinking by 40,000 b/d over the past 12 months. Gasoline demand will lead the way with growth of nearly 50,000 b/d, due partly to reconstruction activity in Iraq spurring oil demand. Gasoline imports will still decline regionally, however, with new refining capacity coming online in Saudi Arabia and Iran.