In this week’s Friday Snapshot, Rystad Energy forecasts that the oil demand growth floor was reached in the second quarter of 2019 at 400,000 barrels per day (bpd). Recovery will likely be driven by South Korea as the country comes back from extensive petrochemical maintenance, US petrochemical start-ups ramping up consumption of LPGs, and seasonal demand growth in Saudi Arabia power generation.
However, the underlying economic trend is still tepid and forward-looking trade, industrial and transportation indicators continue deteriorating.
Senior Analyst, Oil Markets Research
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Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. Rystad Energy’s headquarters are located in Oslo, Norway with offices in London, New York, Houston, Aberdeen, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney, and Dubai.