Total OECD products demand rose by 0.2m bpd m-o-m in September to 45.7m bpd. This was almost entirely driven by an additional 0.9m bpd of demand for gasoil. It is expected by many industry players that gasoil demand will increase in 2015, particularly in Europe and the US due to the implementation of stricter regulations on ships' emissions within ECAs at the start of the year. OECD European oil demand was 3.9% m-o-m higher in September, on the back of an 11.4% m-o-m rise in gasoil demand, although demand is 1% y-o-y lower in the first nine months of 2014. Elsewhere, gasoil demand rose by 3.0% m-o-m in OECD North America, supporting a y-o-y increase of 4%. However, motor gasoline demand has risen 1% y-o-y in the first three quarters of 2014, largely on the back of increased vehicle efficiency limiting gains from additional miles travelled. Meanwhile, total demand for motor gasoline decreased by 0.6m bpd in September, a m-o-m fall of 4.3%. In the first three quarters of 2014, total OECD products demand fell 1% y-o-y to 45.4m bpd. This was largely driven by a y-o-y decrease of 3% in oil demand from the OECD Pacific region. The decline in the use of residual fuel oil in Japanese power generation has driven down residual fuel oil demand by 12% y-o-y.
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