Fuel Consumption

The European Union’s 27 members accounted for 16 percent of global oil demand in 2010, according to BP Statistical Review of World Energy, released on June 8. The U.S. was the
world’s biggest oil-consuming country in 2010, responsible for 21 percent of global oil use, BP figures show.
U.S. household confidence improved last week to a four-year high as more Americans said the economy was improving. The WotldWatch was minus 36.7 in the period ended March 4, the highest level since April 2008, up from minus 38.8 in the prior period. The gauge on the state of the economy reached a one-year high, while the buying-climate measure climbed to a level last exceeded in December 2009.
Shipments from Iran have dropped because sanctions are preventing the Islamic republic from selling oil, half of the tankers booked to load at the country’s largest terminal last month didn’t complete their voyages, according to brokers, company officials and ship-tracking data.

Iran, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped 3.45 million barrels a day last month, the lowest level since September 2002, according to data compiled by Bloomberg. The U.S. and European countries have imposed additional sanctions on Iran in the past few months to pressure the country into halting its nuclear program.
U.S. lawmakers are targeting global insurers as they seek to expand sanctions aimed at crippling Iran’s economy and forcing its leaders to make concessions involving the country’s
disputed nuclear program.