Oil: Covid has passed, we are back to 2019 consumption
Global oil demand increased in September, surpassing September 2019 pre-Covid levels by nearly 1 million barrels per day (bpd), according to new data from the Joint Organizations Data Initiative (JODI), released on Thursday.
Global oil demand rose seasonally in September, reaching the second-highest level this year, according to JODI data shared by the International Energy Forum (IEF) in Riyadh.
In September, global oil demand was at 101% of pre-Covid levels, while crude production was at 99% of those levels, according to the data.
Oil demand continued to grow in September compared to August, when consumption rebounded compared to July.
After a counter-seasonal decline in July, global oil demand rebounded in August by 2 million bpd to reach 99% of pre-Covid levels, according to this year's JODI data.
September's surge in demand was led by diesel consumption in China and gasoline demand in the United States, said the IEF, the largest international organization of energy ministers.
As markets tightened in September versus August, global inventories of crude and refined products bucked the trend by 3.7 million barrels. However, global inventories remain 442 million barrels below their five-year average, according to the IEF.
Other notable September results included an increase in Saudi crude oil exports, which rose by 120,000 bpd to a 29-month high of 7.72 million bpd.
In the United States, total product demand increased by 570,000 bpd in September, an increase of 1.03 million bpd from year-ago levels. US crude oil production was 1.13 million bpd higher than a year earlier levels.
Oil demand in China, the world's largest importer of oil, rose by 459,000 bpd in September but was still 453,000 bpd below year-earlier levels. China's crude oil imports increased by 290,000 bpd to 9.82 million bpd. However, they still fell by 197,000 bpd in September compared to the same month last year, according to JODI data.
Thanks to our Telegram channel you can stay updated on the publication of new articles from Economic Scenarios.
The article Oil: Covid is over, we're back to 2019 consumption comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/petrolio-il-covid-e-passato-siamo-tornati-ai-consumi-del-2019/ on Fri, 18 Nov 2022 07:00:11 +0000.