08 July 2009 15:25 [Source: ICIS news]
LONDON (ICIS news)--Demand for naphtha is expected to rise twice as fast on average as that for oil when the world pulls out of recession due to the expected growth of the petrochemical industry, OPEC said on Wednesday.
Demand for naphtha is forecast to reach 6.2m bbl/day by 2015, OPEC said in its World Oil Outlook 2009 report.
Naphtha's demand could then grow at a higher rate of 2.3% per year to reach 8.7m bbl/day by 2030, representing more than 8% of global oil demand, OPEC calculated.
“The contribution of the petrochemical industry to global crude oil demand may be viewed as small, when compared to automotive fuels, the major outlet,” OPEC said.
“Nevertheless, the share of this industry in total oil demand is significant, and to future oil demand growth its role is expected to increase.”
In 2007, 8.6m bbl/day of oil, or about 10% of total oil demand, was cracked for olefins and aromatics production, OPEC said.
In 2008, global demand for naphtha alone was 5.6m bbl/day, representing 6.6% of total oil demand, OPEC said.
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