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Global Gasoline Demand Hit By High Oil Prices

Friday August 24, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Brazil gasoline demand plunges

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- Gasoline sales in Brazil have plunged this year, the result of higher oil prices combined with the relative weakness of the country’s currency, the real.
- Also, Brazil has one unique aspect to its fuel market that other countries don’t have: Roughly 50 percent of Brazil’s passenger vehicle fleet is flex-fuel, capable of filling up with gasoline or 100 percent ethanol. If gasoline gets too expensive, motorists switch to sugar-based ethanol.
- Gasoline demand in Brazil is down nearly 100,000 bpd year-to-date compared to the same period in 2017, according to ING.
- While Brazil is unique with its flex fuel vehicle fleet, the demand story is instructive because currency pressures in emerging markets around the world will likely begin cutting into demand.

2. U.S. gasoline demand down too

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- It isn’t just emerging markets that are seeing a slowdown in gasoline demand. The U.S. has also seen demand flat line or even dip compared to last year’s levels.
- Earlier this year, it was not uncommon to see weekly…

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