Global oil demand growth is expected to accelerate in the second half, with China and the US driving the gains, according to Argus Fundamentals. Oil demand is forecast to rise by 2.2mn b/d in July-December from a year earlier, breaching 100mn b/d for the first time ever. The Asia-Pacific region will account for roughly half the increase. Escalating US trade disputes with China, the EU, Canada, Turkey and others are expected to have only a marginal impact this year but could lead to a slowdown in global GDP and oil demand growth in 2019. Tariffs could have a substantial spillover effect on the US and other economies and especially on consumers, potentially hitting transport fuel demand.
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