Oil demand growth globally continued to see downside pressure as we moved through Q3 (see Market Watch – Issue 9).

  • While August data from early reporters has been positive overall, the US in particular will face a tough time beating last year’s peak, given an apparent lack of support for oil demand across the board ytd, bringing the total global estimate for August level with last year’s annual high.
  • As such, our ytd figure remains rather tepid, with further downwards adjustments to historic data now putting demand growth at below 500,000 b/d through January-August.
  • In response, we have cut our 2019 average further, as well as our outlook for 2020, which now stands at 1.05 million b/d vs 1.15 million b/d as of September.