Oil Demand Growth Lacklustre for 2019 (see Global Refinery Margins – Issue 48).

  • Our global oil demand growth outlook for 2018 is currently 1.05 million b/d, significantly below the IEA’s projected 1.3 million b/d.
  • We see a slowdown in economic growth limiting potential upside to demand growth this year and next.
  • Should Brent prices next year fluctuate around the $65 or $75/bbl range, the overall effect on demand growth would be limited, still leaving us with the problem of an overall long total liquids balance in 2019.