Qatar's oil consumption rose 190 in a decade

Date

1/21/2016 1:21:22 PM

(MENAFN- The Peninsula)

By Sachin Kumar

DOHA: Oil consumption in the Middle East has risen substantially over the past decade. The region which is the largest producer of oil in the world increased its consumption of oil by about 47 percent during 2004-2014 period.

Qatar witnessed the highest growth in the region in percentage terms by registering 190 percent growth in oil consumption during the period.

Saudi Arabia saw highest growth in terms of absolute amount by registering a growth of 1.3 million of barrel per day or 67 percent during the same period according to the BP Statistical Review of World Energy 2015 report.

Qatar’s consumption increased from 106000 barrels per day in 2004 to 307000 bpd in 2014. Saudi Arabia’s oil consumption rose from 1.9 million bpd in 2004 to 3.2 bpd in 2014. It is also the largest consumer of oil in the Middle East. Iran is the second largest consumer of oil in the region. Its consumption of oil increased from 1.6 million bpd to 2 million bpd in 2014.

United Arab Emirates came out as the third largest consumer of oil which saw consumption rising from 484000 bpd in 2004 to 873000 bpd in 2014. Total oil consumption in the Middle East region increased from 5.9 million bpd in 2004 to 8.7 million bpd.

Increasing energy needs due to rising population and many development projects are the major factors behind region’s growing consumption of oil.

Countries in this region are using oil and gas to generate power. Desalination plants also use oil and gas to meet drinking water demands of residents. Most of the GCC countries have seen consistent growth in the population which also has fuelled demand of power.

GCC countries have already taken steps to diversify source of power generation and to cut dependence on fossil fuels. Saudi Arabia is proceeding with plans to add 41 gigawatt of solar power 18 gigawatt of nuclear power and 4 gigawatt from other renewable sources to expand electricity supply in addition to its attempts to improve energy efficiency. Other countries have also step up efforts to use renewable source of power to generate power.

With recent fall in crude oil prices countries in the Middle East are likely to take more efforts in coming future to reduce dependence on fossil fuels to generate power.

The Peninsula

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.