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Argentina Oil Demand - October 2017

Source: OPEC 11/7/2017, Location: South America

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Oil consumption in Argentina was flat during the month of July 2017 at 0.72 mb/d, with mixed product performance. All transportation fuels were in positive territory with the exception of diesel oil. Jet/kerosene and gasoline increased by around 17% and 4% y-o-y respectively. Conversely, fuel oil recorded a drop of 15% y-o-y.

Looking forward, the risks for 2017 for Latin America are currently balanced with a projection for economic improvement by the major consuming nation of the region, Brazil, which is anticipated to promote government spending. The continuation of lower oil prices as well as unusual weather conditions should also support for oil demand growth. Conversely, deteriorating economic conditions elsewhere in the region should cap oil requirements.

In 2018, projections are largely dependent on possible improvements for the overall economy of the region, oil demand should also improve as a result, and the low baseline of comparison this year should provide additional support. In terms of products, diesel oil and gasoline will have higher growth potential and are expected to fuel the industrial and transportation sectors.

Latin American oil demand is anticipated to increase by 47 tb/d in 2017. During 2018, oil demand growth is forecast to be higher than 2017, recording growth of 85 tb/d.

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