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Oil Demand Growth to Fall on Declining Transport Fuels Trend: ESAI

OIL

Growth in global liquids demand is set to decline to just 0.5mbpd in 2027 as growth in transport fuels trends to nearly zero according to ESAI.

  • The growth forecast for this year is at 2.3mb/d despite economic headwinds.
  • The increase in global refinery throughput is also set to flatten by 2027.
  • Supply growth among non-OPEC producers is expected to slow with expanding Latin American supply offset by receding output elsewhere including from the US.
  • The call on OPEC crude will hold steady at 29mb/d for the entire forecast period.

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