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Jakarta Post

Asia’s oil demand growth expected to moderate in 2020

Singapore   /   Fri, December 27, 2019   /  02:12 pm
Asia’s oil demand growth expected to moderate in 2020 Bualuang oil field operated by Medco Energi Internasional in Thailand. (Handout/Medco Energi Internasional)

Geopolitical tensions, trade disputes, global macro-economic concerns, and production strategy of the Organization of Petroleum Exporting Countries Plus (OPEC+) were themes that dominated oil market sentiment in 2019. As we enter 2020, the global economy is seen stabilizing. China — a key driver of commodities demand — has announced decisive measures to ensure a strong start to the economy; and the United States and China look closer to a trade deal than ever before, though it would be naïve to assume that the road ahead will be smooth. These, coupled with strong demand related to International Maritime Organization’s (IMO) lower marine fuel sulfur specification that takes effect on January 1 should keep oil demand growth in slightly positive territory next year. But supply will outpace demand despite OPEC’s production cuts as non-OPEC supply grows &...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.