Trafigura Group Pte has joined other leading energy trading houses in saying oil demand is growing “strongly” this year, suggesting that OPEC’s cheap oil strategy is spurring consumption despite weak economic growth in China and other emerging nations.
“Strong consumption growth”, led by gasoline demand in the U.S. and China, Trafigura said in its interim report on Tuesday. The Singapore-based company said it’s now trading more that 4 million barrels day of crude and refined products for the first time, up 46 percent year-on-year.
“The much-anticipated rebalancing of supply and demand now seems within reach,” Trafigura Chief Executive Officer Jeremy Weir said.
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