Global oil demand growth is slowing again as the emerging economies of Asia-Pacific and Latin America start to fade.China’s economy grew by 7.5pc in the first half of this year—its lowest growth rate in 18 months—while growth in India has been below 5pc for two years. Oil demand in the Argus-16 group of large consuming countries grew by just 0.2pc in the first quarter and was 0.4pc lower in April-May than a year earlier. Preliminary data for June indicate growth of less than 0.5pc.Oil sales have recovered strongly from the sharp recession-led slumps in 2008-09,and are 1mn b/d higher than seven years ago.But the slowdown in economic growth is par-ticularly dampening diesel consumption,which has led recent rises in global oil demand as it did before the Great Recession.
展开▼
