Global oil demand is expected to grow by less than 1 million barrels per day in 2019 as consumption slows, said BP Chief Financial Officer Brian Gilvary on Wednesday, APA reports citing Reuters.
Mounting trade tensions between the United States and China and increased signs of global economic recession are also set to weigh on oil refining margins, which BP expects will soften in the fourth quarter of the year, Gilvary said.
A major change in marine fuel standards starting in 2020 has yet to impact refining margins, he added.
“There is a lot of dynamic going on around demand, generally, which started off fairly robust at the start of the year, softened through the mid point. We were seeing a little bit of a pick up around our results but that seems to have softened off again,” Gilvary said.