Demand for petrol to slow: More Evidence of Population Loss and Economic Slowdown
Growth in demand for petrol in the UAE will stall this year because of a decline in population, according to an energy consultancy on Tuesday.
The slowdown in the UAE contrasts with other members of the GCC and Iran. They will see total consumption rise by 224,000 barrels per day (bpd) or 5.4 per cent, offering one of the few sources of support for the shrinking world oil market.
Globally, oil demand is set to fall this year for the first time in 25 years.
“The UAE stands out as the only [Gulf] country where demand for [petrol]could actually decline,” said PFC Energy, a Washington-based consultancy, in a report.
“With estimates of a 4 to 6 per cent population decline, mainly centred around Dubai, the 7,000 bpd demand growth last year could reverse to a slight contraction this year.”…SOURCE
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