BAKU, Azerbaijan, October 23. BMI, a subsidiary of Fitch Solutions, has adjusted its outlook for global gasoline consumption, which reveals that the growth in gasoline production to outpace demand growth in 2024, Trend reports.
While the growth rate for 2023 outperformed initial expectations at 1.3 percent year-on-year (y-o-y), BMI now anticipates a slightly moderated expansion of 1.2 percent y-o-y for 2024.
What distinguishes this forecast is the evolving landscape of drivers behind gasoline demand. In the coming year, emerging markets, spearheaded by China, are poised to take the lead, offsetting a deceleration in demand within the United States and a noticeable decline in other developed markets.
The robust growth in gasoline demand among emerging markets is fundamentally rooted in an optimistic economic outlook, particularly within the Asian region. BMI's Country Risk team highlights significant players in the gasoline consumption landscape, where vigorous economic growth is expected.
While the broad economic outlook for China has experienced a degree of moderation, mainly due to a somewhat weakened external demand projection, BMI's Country Risk team maintains the perspective that economic activity will remain robust. They foresee a real GDP growth rate of 4.7 percent y-o-y. The resurgence in economic activity across leading economies in the region provides further support for a positive outlook on gasoline demand in these emerging markets.
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