Lower demand is the new norm

November 1, 2019

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.

World liquids demand growth year on year oil markets 2017 2020 Rystad Energy Oil Markets Analytics October

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Contacts
Artyom Tchen
Senior Analyst, Oil Markets Research
Phone: +24 00 42 00
artyom.tchen@rystaenergy.com

Morten Bertelsen
Media Relations
Phone: +47 951 98 742
morten.bertelsen@rystadenergy.com

 

About Rystad Energy
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.