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Canada and Mexico Oil Demand in October 2014

Source: OPEC 11/1/2014, Location: North America

In Canada, oil demand growth in July contracted slightly y-o-y. Gains in gasoline, jet fuel and gasoil have been more than offset by declines in LPG requirements. 2014 and 2015 Canadian oil demand is projected to remain roughly at the levels of 2013, marking marginal increases, with risks being equally distributed to the upside and downside. The level of growth will also depend on the development of the economy, and, as with the US, on the degree of fuel substitution.

Falling Mexican manufacturing activity in August 2014, in combination with fuel substitution, have led to decreases in oil demand in Mexico with residual fuel oil and gasoline accounting for the bulk of these decreases. The risks for 2014 and 2015 Mexican oil demand remain skewed to the downside and relate to fuel substitution and the development of the overall economy. In 2014, OECD Americas’ oil demand is expected to grow by 0.13 mb/d compared with 2013. OECD Americas’ oil demand in 2015 is projected to increase by 0.16 mb/d compared with 2014.

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