July 1999

Trends and Resources

HP In Brief: HPIn Brief

World oil demand is on the rise again; the growth should help oil markets this year, says Peter Davies, vice president and chief economist of BP Amoco. Regional differences are responsible. In the mid..

Weirauch, Wendy, Hydrocarbon Processing Staff

World oil demand is on the rise again; the growth should help oil markets this year, says Peter Davies, vice president and chief economist of BP Amoco. Regional differences are responsible. In the mid-1990s, economic growth averaged 3.5%/yr. In 1999, this is likely to be 1.5%, but the regional pattern is changing. Asia has "bottomed out and begun partial recovery," says Davies. Economic growth is more oil-intensive in Asia and Latin America than it is in the U.S. and Europe. The share of world oil demand in Asia exceeds its share of world GDP. Consequently, while European GDP growth is expected to slow from 3% to 2%, oil demand will slow by only 0.65%, or around 100,000 bpd. Meanwhile, the A

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