(iv) Refined petroleum products: Demand and
shipments
Demand for refined petroleum products is closely tied
to industrial production, driving and power generation.
Thus, reflecting weak industrial production and
reduced naphtha demand during the year, growth in
petroleum product shipments decelerated to 2.1 per
cent in 2012 (Clarkson Research Services, 2013a).
UNCTAD estimates this growth at 1.6 per cent; a rate
that also includes the performance of gas trade. Global
shipments of petroleum products and gas totalled
1.05 billion tons in 2012 (Clarkson Research Services,
2013a), with rising import volumes into Asia, in particular
China, Japan and the Republic of Korea offsetting the
drop in shipments destined for North America. Strong
demand from Asia, in particular for light (for example,
gasoline and naphtha) and middle distillates (for
example, diesel and kerosene) was met by supply from
Europe, India and Western Asia. Meanwhile, demand
has been weakening in North America – the second
largest importing region of refined oil products