Petrochemicals and jet fuel have emerged as key drivers of oil growth, with the International Energy Agency’s (IEA’s) latest market forecast indicating that the two sectors will account for more that 30% of global growth in the coming five years, as gasoline demand slows as a result of efficiency gains and the rise of electric cars. The agency’s ‘Oil 2019’ report, published on Monday, forecasts that demand will rise from 99.2 mb/d in 2018 to 106.4 mb/d in 2024, representing an average yearly growth rate of 1.2 mb/d, or 1.2%, and a total volume increase of 7.1 mb/d.
