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Spotlight: Asia, excluding China, weakest link in global oil demand recovery in Q2

Asia's oil demand recovery is expected to remain patchy in the near term. The region will account for only 30% of global growth in 2021 and 35% in 2022, down from 73% over pre-COVID-19 years of 2011 - 2019.

Going into 3Q2021, Asia’s (ex-China) oil demand is forecast to grow by only around 620 000 bpd, while the rest of the world is expected to rise by 4.4 million bpd. This situation is expected to improve in 4Q2021.

Download this spotlight report to find out more about how COVID-19 has impacted the region’s appetite for oil as well as the outlook for key markets and sectors.

Highlights from the report:

  • Asia continued to see y/y growth of 1.7 million bpd in 2Q2021 but demand was down by 1.1 million over 1Q2021.
  • The q/q decline would be even sharper at 1.4 million bpd if China is excluded, while demand in the rest of the world (outside Asia ex-China) rose 2.8 million bpd. On a sequential basis, Asia, excluding China, was the weakest link in the global oil demand recovery in 2Q2021.
  • Going into 3Q2021, Asia ex-China is forecast to grow by only around 620 000 bpd, while the rest of the world is expected to rise by 4.4 million bpd.
  • The situation is expected to improve in Q4 for Asia. Oil demand is expected to rebound by close to 1.6 million bpd 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-19 years of 2011 - 2019.
 
 

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