Gasoline supports growth

摘要

Oil demand growth has slowed this year, reflecting a slowdown in the global economy and a dampening price effect. Demand in the Argus-16 group of large consuming countries was just 0.3pc higher in January-February than a year earlier, after growing by 2.1pc in 2015. Oil sales rose by 1.15mn b/d last year - the largest increase since 2010 - but this has shrunk to just under 200,000 b/d this quarter. Demand growth in the group of industrialised countries is back in negative territory after a rise of almost 1pc last year, while sales in the emerging economies are increasing at just half the rate of this time last year. Demand in Europe, Latin America and Japan shrank in January-February compared with a year earlier, but there is still strong growth in India and South Korea. In the US, oil sales are only just higher than a year ago.