You will never guess who just declared peak gasoline…

The IEA has called the top of global demand, although it predicts demand for oil will continue to rise

The IEA surprised analysts and rippled oil markets last week when it declared global gasoline demand has now peaked. The call is uncharacteristically bold for the Paris-based agency, which has historically waited until trends are well established before raising the flag on such forecasts. While short-term reactions in the price of oil are often ripe for over-interpretation, Brent fell $4/bl on the week from $68 to $64, and actually touched $62 the day after IEA released its Oil 2021 report. If its outlook is correct, the downstream implications are significant in everything from the business of petrol filling stations to the refining industry. OECD gasoline demand has been stagnant

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