1. China and India drive oil demand – The story of oil demand growth is really a story about Chin and India. Together, they account for more than half of global demand growth. – China’s oil consumption is expected to grow by 440,000 bpd this year, slower than the 615,000 bpd from last year, according to IEA data that also includes petroleum products. – India has undershot forecasts in the last few years. Demand grew by 155,000 bpd in 2019 and is expected to grow by 170,000 bpd this year. – Total non-OECD demand growth is estimated at 920,000 bpd this year, which will account for the lion’s share of the 1.2-mb/d of total global demand growth. 2. Coronavirus drags down commodity prices – Global supply outages are no longer affecting commodity prices. “Concerns about demand have definitely gained the upper hand, and are being fed by the further […]