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BP expects oil demand to grow by less than one million bpd in 2019

BP expects oil demand to grow by less than one million bpd in 2019
FILE PHOTO: A BP logo is seen at a petrol station in London, Britain January 15, 2015. REUTERS/Luke MacGregor -
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Luke MacGregor(Reuters)
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ABERDEEN, Scotland (Reuters) – Global oil demand is expected to grow by less than 1 million barrels per day in 2019 as consumption slows, BP <BP.L> Chief Financial Officer Brian Gilvary told Reuters on Wednesday.

Mounting trade tensions between the United States and China and increased signs of global economic recession are also set to weigh on oil refining margins, which BP expects will soften in the fourth quarter of the year, Gilvary said.

A major change in marine fuel standards starting in 2020 has yet to impact refining margins, he added.

“There is a lot of dynamic going on around demand, generally, which started off fairly robust at the start of the year, softened through the mid point. We were seeing a little bit of a pick up around our results … but that seems to have softened off again,” Gilvary said.

(Reporting by Shadia Nasrallah, writing by Ron Bousso; editing by David Evans)

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