Asia's 2018 refined oil product demand to rise 2%: Woodmac

Singapore

ASIA'S fuel demand will grow by 2 per cent in 2018 as the region's economies expand at a healthy level, forcing refiners to upgrade and install new capacity, energy consultancy Wood Mackenzie said on Tuesday.

In a demand environment in which overall global oil consumption is expected by the International Energy Agency (IEA) to grow by below 1.5 per cent a year, Asia has become the focal point in finding new customers. Wood Mackenzie said China and India alone represent 40 per cent of global demand growth.