Emerging markets in Asia being a key driver for oil demand growth suffered from rising commodity price and weakening currency, Reuters reports. As a result, it will hit expectation of future consumption increase.

Analytics warn that inflationary combination of higher oil prices and weakening currencies, including India’s rupee and Indonesia’s rupiah, as well as Philippines peso, will reduce world economic growth and oil demand in these countries. In 2019 losses might reach 100000 barrels per day.

So far, International Energy Agency forecasts demand increase by 1,4 million barrels per day and 1,5 million barrels per day in 2018 and 2019 respectively. However, this estimate may change if Asian consumers start saving fuel. As an early sign, consumption of low quality gasoline already increased in Indonesia and Philippines.