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According to foreign media news, British Petroleum (BP) said on Wednesday that global oil demand has begun to show signs
of weakness this year due to rising oil prices.
Global oil demand rose by 1.
7 million b/d last year, up 1.
8 percent from 2016, bringing demand over the past five years to its highest level
since the peak of the last commodity "super-cycle" in 2006-7, BP said in its latest annual statistical report.
But given that Brent crude is trading at around $76 a barrel, crude prices have risen nearly 75 percent since mid-2017, and demand for road fuels remains subdued
despite strong global economic fundamentals.
As North Sea crude oil production continues to grow, its role in an increasingly globalized market has begun to shift, impacting
the outdated Brent crude and its position as a global benchmark for oil.
In this report, S&P Global Platts delves into the dynamics affecting the crude oil markets in the North Sea and Northwest Europe, as well as the continued development
of Brent crude.
BP chief economist Spencer Dale said in the report: "This year's data already shows that the price effect is weakening, gasoline demand growth is slowing, diesel demand is also picking up, and diesel demand is more in line with industrial activity
.
"
Oil demand in 2017 continued to be driven by oil consumers benefiting from a low oil price "windfall," with demand in Europe and the United States rising by 300,000 b/d and 200,000 b/d
, respectively, Dell said.
The International Energy Agency (IEA) last month cut its 2018 oil demand growth forecast by 100,000 barrels per day to 1.
4 million barrels per day, citing an anticipation of a slowdown
in the global economy as oil prices rose to $80 a barrel last month.
According to foreign media news, British Petroleum (BP) said on Wednesday that global oil demand has begun to show signs
of weakness this year due to rising oil prices.
Global oil demand rose by 1.
7 million b/d last year, up 1.
8 percent from 2016, bringing demand over the past five years to its highest level
since the peak of the last commodity "super-cycle" in 2006-7, BP said in its latest annual statistical report.
But given that Brent crude is trading at around $76 a barrel, crude prices have risen nearly 75 percent since mid-2017, and demand for road fuels remains subdued
despite strong global economic fundamentals.
As North Sea crude oil production continues to grow, its role in an increasingly globalized market has begun to shift, impacting
the outdated Brent crude and its position as a global benchmark for oil.
In this report, S&P Global Platts delves into the dynamics affecting the crude oil markets in the North Sea and Northwest Europe, as well as the continued development
of Brent crude.
BP chief economist Spencer Dale said in the report: "This year's data already shows that the price effect is weakening, gasoline demand growth is slowing, diesel demand is also picking up, and diesel demand is more in line with industrial activity
.
"
Oil demand in 2017 continued to be driven by oil consumers benefiting from a low oil price "windfall," with demand in Europe and the United States rising by 300,000 b/d and 200,000 b/d
, respectively, Dell said.
The International Energy Agency (IEA) last month cut its 2018 oil demand growth forecast by 100,000 barrels per day to 1.
4 million barrels per day, citing an anticipation of a slowdown
in the global economy as oil prices rose to $80 a barrel last month.
