Diesel Set For Growing Glut as Demand Falters
- Macquarie expects diesel supply to keep on outpacing demand
- Global crude oil refining capacity forecast to continue rising
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The world’s demand for diesel is forecast to fall this year, a rare event for the fuel that powers swathes of the global economy.
The Paris-based International Energy Agency has for months been chipping away at its forecast for the year, and now expects annual consumption of gasoil — a catch-all term for diesel-type fuels — to fall by 258,000 barrels a day. Outside the pandemic, it’s set to be the biggest drop since 2016, with demand only falling a handful of times in the last 15 years.