Continuous decline in Japanese oil product consumption.
Global oil product consumption continued to grow in 2017, driven by an increasing demand from transport and petrochemical industry. Oil demand dynamics in transportation is in line with the development of the worldwide vehicle fleet that is increasingly oriented toward more consuming vehicles (SUVs). This trend, coupled with the economic growth, offset the efficiency gains posted since 2005 in the United States and Europe and oil demand slightly increased in these two markets in 2017. Petrochemical oil demand is mainly linked to global economic growth.
Asian countries, which accounted for most of the global increase, posted a steady growth in oil consumption, especially in China, India (above 5% in both countries), Indonesia, Thailand and South Korea.
Despite the recovery in Brazil, oil consumption decreased in Latin America for the third consecutive year, as demand contracted again in Mexico and in Argentina.
Oil product demand also declined in Russia and in Saudi Arabia in 2017.
Based on its 2017 data for G20 countries, Enerdata analyses the trends in the world energy markets.Download the publication
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The Italian oil and gas company Eni has signed a cooperation agreement with its Algerian counterpart Sonatrach to tap hydrocarbon resources in the Berkine basin (Algeria). Besides, they also agreed the commercial conditions for the 2018-2019 year in line with the gas market and have started negotiation to look into extending the gas supply shipped from Algeria to Italy beyond the contractual deadline of 2019.
The infrastructure company TransCanada has commissioned the US$1.2bn Topolobampo natural gas pipeline project in northern Mexico, which will ship 670 mcf/d (19 mcm/d or 6.9 bcm/year) to local markets in the states of Chihuahua and Sinaloa.
According to the state-run company Gazprom, exports of Russian gas to non-CIS (Community of Independent States) countries went up by 5.8% between January and June 2018 to reach 108.9 bcm. The largest hikes were reported in Germany (+12.2% or + 3.5 bcm), Austria (+52.3% or + 2.1 bcm), the Netherlands (+61.9% or +1.4 bcm), France (+12.5% or 0.8 bcm), Croatia (+45%, +0.6 bcm) and Poland (+6.7%).
The Indian Directorate General of Trade Remedies (DGTR) has recommended the implementation of a 25% safeguard importation duty on solar cell imports from China and Malaysia for a 2-year period. The proposal has not yet been approved by the government and the duty will start at 25% in the first year, then be reduced to 20% for the first six months of the second year and to 15% in the final six month period. The proposal is very similar to the safeguard duty levied by the United States in January 2018, which set up anti-dumping tariffs on imported solar cells and modules at 30% during the first year and then gradually declining to 15% after a 4-year period.