Asian Gasoil Demand Slumped in 2013
May 01, 2014
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Asian gasoil demand growth crashed in 2013, falling to just 0.8% - the lowest rate of expansion since the 1998 Asian Financial Crisis. The slump in gasoil demand growth can be traced directly back to China and India.
This is no surprise, seeing as how the two make up a combined 57% of total Asian gasoil demand. However, the sharp scale of the slowdown in diesel demand in both countries recently has been dramatic. In China, gasoil demand growth fell from 7.1% in 2011 to 2.4% in 2012, before slumping further to just 0.4% in 2013. In India, a combination of price deregulation, heavy monsoon rains and the slowing economy saw growth collapsing from 6.9% in 2011 and 8.2% in 2012 to just 0.2% last year.
Further information on FGE's China Oil Service can be found online by clicking on the link below.