Global crude capacity will rise nearly 11 M bbls/day by 2012.
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Global crude capacity will rise nearly 11 M bbls/day by 2012.
Chemical Business NewsBase
A report from the International Energy Agency (IEA) showed that worldwide crude distillation capability will rise 10.6 M bbls/day during 2007-2012, of which 9.1 M bbls/day is new capability and 1.5 M bbls/day is creep capacity. The refining capability increase is seen to address a hike in oil demand of 9.6 M bbls/day by 2012. Worldwide oil product demand will surge 1.9 M bbls/day/y or an average of 2.25%/y, hitting 95.8 M bbls/day by 2012. The increase is driven by demand hike in non-Organization for Economic Cooperation and Development (OECD) nations, specifically in Asia and the Middle East. IEA anticipates oil product demand in the OECD to climb an average of 1.0%/y to 52.1 M bbls/day in 2012 from 49.6 M bbls/day in 2007 because of transportation fuel demand hike in North America. North America fuel consumption will increase at an average of 1.3%/y, Europe at 0.7%/y and the Pacific for 0.6%/y. Non-OECD oil product demand is anticipated to surge 3.6%/y, or by 1.4 M bbls/day/y to 43.7 M bbls/day from 36.6 M bbls/day during 2007-2012. China will post robust average growth at +5.6%/y and the Middle East at +4.6%/y, while growth in other non-OECD nations will be between 2-3%/y on average. Transportation fuels will represent the majority of global demand increase. These fuels will make up some 67% of the growth in OECD usage to 2012, and around 60% of the increase in non-OECD demand. Two figures present the demand growth in OECD and non-OECD countries in 2006-2012. Four figures show crude distillation additions; global cumulative capacity additions; North America capacity additions; and China capacity additions in 2007-2012.
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