Global demand for crude oil will grow by up to 1.4mn barrels per day in 2015 as lower oil prices boost fuel imports in a number of regions, including Europe, according to a top oil executive.
Speaking at the Platts Global Crude Oil Summit, Vitol executive director Chris Bake said:Â “Markets around the world have surprised on the upside. Demand has definitely surprised on the upside on (oil) products”.Â
Accoridng to Bake the growth in demand for crude was driven by “fairly robust” sales of motor gasoline.Global demand growth is “back up to 1.3-1.4mn bpd,” he said.
“Incremental demand pan-Europe for gasoline, which has been in a steady state of decline, has gone above the negative line for the first time in 10 plus years,” Bake added.
Global oil prices have almost halved since its June 2014 highs from $115 a barrel to as low as $49 in the first quarter of 2015.Â
In April, US crude rose $1.58 at $57.74 a barrel, with its session peak of $58.41 the highest in 2015.
U.K. North Sea Brent , a global benchmark for oil, finished up $2.12, or 3.3%, at $64.85 a barrel. Its session high was a 2015 peak of $65.58.
