Nigeria, however, contributed to increased growth. In Africa, low economic growth in South Africa (0.4%) and a switch to natural gas in Egypt put a cap on oil demand growth in 2019. Kerosene demand grew as air traffic increased. Russia’s oil demand rose 70 kb/d in 2019 following an increase of 80 kb/d in 2018. Gasoline demand and diesel demand both posted small growth, however. Petrochemical feedstocks demand declined. German GDP growth has dropped from 1.5% in 2018 to 0.5% in 2019. The drop was due to slower economic activity, weaker industrial production in Germany and efficiency improvements, though efficiency improved at a slower pace than recent years. Both Japan and Korea were affected by the slowdown in Chinese imports during the year.Įuropean oil demand fell by 120 kb/d. Demand also contracted in Korea as exports slowed significantly. Oil demand also fell in the fourth quarter after an increase in the consumption tax in October 2019 curbed economic activity. In addition, temperatures were very warm in the fourth quarter, reducing heating oil demand in northern Japan. Oil demand in Japan continued to fall, by 140 kb/d in 2019, as a result of energy efficiency efforts in industry and transport. ![]() Heavy rains and flooding also reduced oil demand by delaying construction work and slowing overall economic activity. Oil demand was also curbed by the monsoon in 2019, the heaviest in 25 years, which boosted hydropower production to record levels and reduced gasoil use for irrigation in agriculture. The deceleration was driven by a sharp slowdown in GDP growth, from 6.8% to 4.8%.
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