Asia, excluding China, weakest link in global oil demand recovery in Q2
- Asia continued to see year-on-year growth of 1.7 million b/d in Q2 but demand was down by 1.1 million over Q1
- The quarter-on-quarter decline would be even sharper at 1.4 million b/d if China is excluded, while demand in the rest of the world (outside Asia ex-China) rose 2.8 million b/d. On a sequential basis, Asia, excluding China, was the weakest link in the global oil demand recovery in Q2
- Going into Q3, Asia ex-China is forecast to grow by only around 620,000 b/d, while the rest of the world is expected to rise by 4.4 million b/d
- The situation is expected to improve in Q4 for Asia. Oil demand is expected to rebound by close to 1.6 million b/d in 2021, after a sharp contraction in 2020
- Asia will account for only 30% of global growth in 2021 and 35% in 2022, down from 73% over pre-COVID years of 2011-19
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