Global Oil Demand Hit A Record High In March18 May 2023 15:39
“Rising demand in China and the United States sent global oil demand surging by 3 million barrels per day (bpd) in March compared to February and hitting the highest level on record, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
Total product demand in China jumped by 1.6 million bpd month-on-month to 16.79 million bpd in March, showed the JODI data shared by the Riyadh-based International Energy Forum (IEF). The estimated Chinese demand was the third-highest level ever reported for the country in JODI.”
“Global inventories of refined products fell by 39.6 million barrels in March, while crude oil stocks dropped by 700,000 barrels. Overall crude and product inventories remain 336 million barrels below the five-year average, per the JODI data.”
“The current pessimistic mood on the market, due to macroeconomic concerns, clashes with expectations of a tight market later this year, when demand is set to outstrip supply by almost 2 million bpd, the agency added.”
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