Demand for diesel, used to run merchant ship engines, has increased, spurred by international trade growth during the first half of 2017 to reach the highest level recorded over the past six years.
International trade grew by 5 percent between March and May this year, compared to the equivalent period a year earlier, according to data provided by the Netherlands Bureau for Economic Policy Analysis (CPB).
This rise in international trading activity covers most of the world’s regions, not including Africa and the Middle East, the CPB data showed.
More stable fuel prices this year have contributed to the growth in global trading activity. Sliding consumer spending and lower business investment levels experienced between mid-2014 and early 2016 in most developing countries have now rebounded.
Taking into consideration the increase of global trading activity, most analysts agree that fuel demand will continue to increase in 2017 and 2018. Pundits believe that demand for diesel will grow at a faster rate than that of gasoline.
Global demand for refined petroleum products dropped by 0.5 percent in 2016, the first decline registered since 2009.