DUBAI, U.A.E. – Oil-producing countries of the Middle East will join China and other emerging markets as the main sources of growth for the lubricants industry in 2012 and beyond.
The International Monetary Fund forecasts gross domestic product growth of 9 percent in China, 6.1 percent in emerging markets and 3.6 percent for the Middle East in 2012, Brad Bourland, chief economist and managing director of Riyadh-based Jadwa Investment, told the ICIS Middle Eastern Base Oils& Lubricants Conference here on Oct. 11. Bourland said this is in stark contrast toU.S. and Eurozone economies, which are grappling with weighty deficits and crippling sovereign debt that will result in growth of 1.8 and 1.1 percent, respectively.