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chapter two - OAPEC

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The developing countries maintained positive growth in 2009 despite<br />

of the decline in annual economic growth rate from 6% in 2008 to 1.7% in<br />

2009.<br />

The African countries, which account for 3.3% of world oil demand,<br />

recorded a decline in their economic growth rate from 5.2% in 2008 to<br />

1.7% in 2009. Latin American countries also witnessed a decline in their<br />

economic growth rate from 4.2% in 2008 to -2.5% in 2009, as shown in<br />

Figure (1-4) and Table (1-3).<br />

By tracking the growth rates of world oil demand in 2009 one can<br />

clearly notes that they fluctuated in response to the slowdown and<br />

subsequent recession in the global economy as a whole. In particular,<br />

during the first half of 2009 and then in the beginning of the economic<br />

upturn in the second half of the same year.<br />

Figure 1-4<br />

World Economic Growth 2008-2009<br />

(%)<br />

The second quarter of 2009 has witnessed the lowest level of demand<br />

(83.1 million b/d) which is 0.9 million b/d lower than the first quarter of the<br />

year.<br />

In the third quarter, the growth was up by 1.7 million b/d over the<br />

second quarter, this trend continued in the fourth quarter of the year when<br />

demand increased by 0.6 million b/d compared to the third quarter to reach<br />

85.4 million b/d.

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