Oil demand is falling this year. File Image / Pixabay
Global demand for oil-based bunker fuels will drop by 4.8% in 2020 from last year's level, according to crude oil producer coalition OPEC.
OPEC estimates 2020 demand at 4.0 million barrels/day (230 million mt/year), down from 4.2 million b/d in 2019, it said in the 2020 edition of its World Oil Outlook 2045 this week.
The organisation sees demand in the OECD countries holding steady at 1.6 million b/d, and in the rest of the world losing 200,000 b/d to 2.4 million b/d, it said.
OPEC expects 10% demand growth over the next five years to reach 4.4 million b/d by 2025, with the strongest growth in its 'Non-OECD Other Asia' category, which includes Singapore.
In a recent market survey by Ship & Bunker in conjunction with BLUE Insight, global bunker demand at marine fuel hubs was estimated to have dropped by 9.3% in the second quarter from the same period of 2019.