This quarter’s highlights include an oil demand quarter-on-quarter (QoQ) growth of 940 Kb/d following last quarter’s declines. While the Organization for Economic Cooperation and Development (OECD) countries witnessed a QoQ decline of roughly 700 thousand barrels per day (Kb/d) last quarter, they are expected to witness a muted growth of 40 Kb/d this quarter. The sharp declines of last quarter were mainly driven by the United States (-420 Kb/d) and Europe (particularly the Rest of Europe, -310 Kb/d) due to a warmer winter and high fuel prices, but both blocks are expected to recuperate the lost consumption this quarter, and OECD Asia is expected to negatively counteract that growth, with Japan facing a seasonal sharp decline of roughly 620 Kb/d.
