In Brazil, oil demand grew during March, rising by almost 5% compared with the same period in 2014 The increase in oil demand growth was led by ethanol demand, which rose by around 0.1 mb/d or 51% y-o-y. Demand was stimulated by cheaper ethanol prices compared with gasoline, as well as the mandatory blend of ethanol in gasoline increasing to around 27% in March. Diesel demand growth also increased by around 40 tb/d or 4% y-o-y. This increase is a result of the end of a truckers’ strike, which slowed consumption of diesel during February and improved consumption in all parts of the country. On the other hand, gasoline demand growth eased in March, falling by around 31 tb/d or -4.3% y-o-y. This could be the result of an increase in excise taxes, which took effect in February. Fuel oil demand decreased marginally by around 5 tb/d or 5% y-o-y as a result of improvements in hydro-power generation. In February, oil consumption in Argentina reversed January’s negative trend, showing positive growth figures. Oil demand increased by around 9 tb/d or more than 1% y-o-y. All products were either flat or increasing, with the exception of LPG. Total oil demand in the country reached 0.68 mb/d compared with 0.63 mb/d in February. Going forward, the risk for 2015 oil demand growth in Latin America is hinting to the downside, mainly because of expectations of a slowdown in Brazil’s economy. On the other hand, lower oil prices should add to positive growth, in addition to unexpected weather conditions supporting oil demand Latin American oil demand grew by 0.20 mb/d in 2014. For 2015, oil demand growth is forecast to rise by 0.17 mb/d from 2014 levels.