Fuel oil demand hit by economic slowdown despite IMO 2020

摘要

The Paris-based IEA released a new estimate for oil demand growth at 1.1MM b/d for 2019 in its Sept.12 Oil Market Report,which is lower than its previous estimate of 1.4MM b/d.From Jan.to July 2019,fuel oil demand had experienced a steep decline of 225K b/d on the year.Demand for fuel oil in bunkering hubs in China,Korea,the Netherlands,and Singapore fell by 30K b/d,50K b/d,10K b/d,and 75K b/d,respectively.Fuel oil consumption for power generation was also lower than 2018 levels.The IEA attributes the slowdown in fuel oil consumption to a worsening economic outlook.