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OIL PRODUCTS: 2025 Global Refined Product Demand to Rise 0.88m b/d: Kpler

OIL PRODUCTS
BulletEnergy BulletsCommodities

Kpler expects global refined product demand growth to rise by 0.88m b/d on the year in 2025, continuing the slowing trend seen since 2021.

  • LPG, gasoline, and jet fuel are expected to lead demand increases, distributed more evenly as post-Covif transport fuel demand recovery abates.
  • China remains central to this outlook, as its demand growth significantly decelerates, Kpler said.
  • For gasoline, steady growth in the car fleet with support gasoline demand but rising EV adoption will temper gains as gasoline demand is set to peak in 2027.
  • US gasoline demand is projected to decline moderately due to stagnant traffic growth, increasing EV penetration, and more efficient ICE vehicles.
  • For diesel. A declining diesel car fleet will weigh on demand, though easing interest rates are expected to support a recovery in its industrial sector.
  • China’s diesel demand growth is seen decelerating due to LNG truck adoption and mounting pressure on its investment-led economic model.

 

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Kpler expects global refined product demand growth to rise by 0.88m b/d on the year in 2025, continuing the slowing trend seen since 2021.

  • LPG, gasoline, and jet fuel are expected to lead demand increases, distributed more evenly as post-Covif transport fuel demand recovery abates.
  • China remains central to this outlook, as its demand growth significantly decelerates, Kpler said.
  • For gasoline, steady growth in the car fleet with support gasoline demand but rising EV adoption will temper gains as gasoline demand is set to peak in 2027.
  • US gasoline demand is projected to decline moderately due to stagnant traffic growth, increasing EV penetration, and more efficient ICE vehicles.
  • For diesel. A declining diesel car fleet will weigh on demand, though easing interest rates are expected to support a recovery in its industrial sector.
  • China’s diesel demand growth is seen decelerating due to LNG truck adoption and mounting pressure on its investment-led economic model.

 

Keep reading...Show less