North America accounted for the
largest market share of 56.49 percent
in 2016 and is projected to grow at
a CAGR of 8.83 percent until 2023.
the price cycle matures, U.S. gasoline
consumption growth will likely slow
After 2015 and 2016, when U.S.
motorists provided a significant boost
to global oil demand, the main drivers
of demand growth are rotating toward
diesel and the emerging economies
of Latin America, Africa, the Middle
East and Asia. Freight volumes are
rising at some of the fastest rates
this decade in the United States and
around the rest of the world.
Since almost all cargo is moved by
high-powered engines on ships, trucks
and railroads that use diesel fuel,
freight growth is providing a major
stimulus for diesel consumption.
In geographical terms, the fastest
growth in consumption will come from
outside the United States and the
other advanced industrial economies.
Developing economies accounted for
most of the growth in oil consumption
between 2004 and 2014, but were
hit hard by the slump in commodity
prices during 2015 and 2016.
The economic downturn in
countries, and the associated slowdown
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in their own oil demand growth, was
one of the factors that worsened the oil
price slump in 2015 and 2016.
As commodity prices rise again,
however, economic growth across
emerging markets is accelerating and
propelling faster increases in fuel demand
and adding to the upward pressure on oil
prices. U.S. refiners exported more than
1. 1 billion barrels of finished petroleum
products in the first 11 months of 2017,
an increase of almost 12 percent
compared with the same period in 2016.
Finished product exports have
accelerated significantly over the
last two years and the trend is set to
continue this year.
With the focus for demand growth
shifting from gasoline to diesel and
emerging markets, fuel exports will
become steadily more important for
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