We see 2017 global oil product demand growth to be some 1.3 million b/d on an annual average (see The View Europe and The View Asia – Issue 6).
- Global demand growth is showing signs of speeding up in key regions such as US gas oil/diesel, as well as generally in China and India.
- We see some downside risks to Americas gasoline demand in the coming months, but considerable upside potential.
- From the various risks to our base case outlook, the upside risks (particularly global jet/kero demand, other non-OECD Asia and Europe road fuels) appear to be more likely to materialise, especially with the support of low oil prices and given that they would only need a continuation of past trends. The downside risks are more speculative.