Global Total Product demand grew this year, albeit growth has been at a slower pace than in 2018. Non-OECD demand growth is keeping pace with 2018’s demand growth rate. OECD demand year-to-date has contracted after growing in 2018 – a major reason for the slower global demand growth rate. Africa, Asia, CIS, and North America have all recorded growth this year-to-date. However, in Europe, Latin America, and Middle East regions, refined product demand is shrinking. The Middle East and Europe are contracting more than it did in 2018, while Latin America has so far contracted less than it did in 2018.
Regional Refined Products Demand
|2018 Demand||2019 YTD Demand|
|YoY (mb/d)||YoY (%)||YoY (mb/d)||YoY (%)|
Year to date (YTD) encompasses Jan-Jun; YoY denotes Year-on-Year
- China and Russia account for the majority of the increase in From the latest available data from January to June, recorded demand grew by 5.7% year-on-year during the same period last year. In , refinery investments and expansions have added gasoline yields and, therefore, gasoline exports. exported 13% more of gasoline third quarter this year compared to the same period last year, according to Thomson Reuters customs data. Although published export data are incomplete, Chinese gasoline shipments are likely heading to gasoline importers such as , and even . this year.
Major Country Gasoline Demand Major Country Diesel Demand
|2018 Demand||2019 YTD Demand||2018 Demand||2019 YTD Demand|
|YoY (mb/d)||YoY (%)||YoY (mb/d)||YoY (%)||YoY (mb/d)||YoY (%)||YoY (mb/d)||YoY (%)|
|Saudi Arabia||561||-6.4%||-11||-2.0%||Saudi Arabia||522||-11.7%||-23||-4.4%|
Year to date (YTD) encompasses Jan-Jun ; YoY denotes Year-on-Year
Year-on-Year Country Level Demand
Source: Stratas Advisors, Jodi, EIA
|The full version of this report is available to subscribers of our Short Term Outlook Service. Not a subscriber? Create an account.