Abstract
This quarter’s highlights include stagnating quarter-on-quarter (QoQ) oil demand, with a trivial decline of only 8,000 barrels a day (Kb/d), following last quarter’s growth of 1.27 million barrels per day (MMb/d). While significant gains and losses were reported in individual regions and countries, these largely balanced out. The Organization for Economic Cooperation and Development (OECD) countries witnessed a QoQ demand growth of roughly 1.08 MMb/d last quarter and are expected to witness a muted growth of 6 Kb/d this quarter. OECD Asia’s seasonal increase of around 420 Kb/d is offset by a decline of 460 Kb/d in OECD Europe, while North America is projected to grow by about 50 Kb/d. Non-OECD countries, on the other hand, are expected to witness a decline of 14 Kb/d this quarter, and developing Asian countries are expected to witness a 520 Kb/d growth. Seasonal demand declines from the Middle East at 570 Kb/d mute that growth. While Africa’s demand is also expected to witness some growth at 160 Kb/d, declines from Eurasia and Latin America at 50 Kb/d and 90 Kb/d, respectively, cancel it out.