Global oil demand ended the year strongly, refecting healthy economic growth. Argus puts total demand growth in 2017 at 1.8pc, up from 1.3pc a year earlier. Oil sales in the Argus group of 16 large consuming countries were 3pc higher in September-November than a year earlier - a rise of 1.8mn b/d. Data for the US, China, India and South Korea indicate a similar increase in December, putting de- mand in these four countries just over 1mn b/d higher in 2017 than the previous year. The group of Asia-Pacifc economies accounted for three-quarters of last year’s increase in oil sales, Argus estimates. The IMF puts global economic growth at 3.7pc last year compared with 3.2pc in 2016, after recoveries in industrial production, investment and trade. Higher investment is stimulating growth in manufacturing activity, which in turn boosts energy consumption.
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