World Oil Demand Jumped To 5-Year Seasonal High in February

, according to data from the Joint Organizations Data Initiative JODI published on Wednesday. Oil demand in the 38 countries that report data to JODI also rose by 1.1 million bpd in February 2024 compared to February 2023, showed the data shared by the Riyadh-based International Energy Forum IEF. The monthly jump in oil demand was mainly driven by higher gasoline and jet fuel demand, with gasoline demand at a five-year seasonal high, the data showed.

While Indian crude oil imports fell by 506,000 bpd, India’s total product exports rose by 346,000 bpd to a five-year seasonal high, according to the data. China, on the other hand, saw oil demand and refinery runs down in February, when the Lunar New Year holiday fell this year. Going forward, OPEC expects robust summer fuel demand supporting oil consumption growth in 2024.

Crude Oil Oil Prices Oil Supply Oil Demand Refining

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil Industry Executives Say Oil Demand Is Beating ForecastsOil industry leaders are revising oil demand growth forecasts upwards due to stronger than expected consumption across all economies.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Global Oil Production Dropped by 1.2 Million Bpd in FebruaryAccording to the latest data from JODI, global oil production fell by 1.2 million barrels per day in February compared to a year earlier.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Oil Gains Momentum as China's Demand Outlook ImprovesOil prices are steadily increasing, with this week's momentum bolstered by drone strikes on Russian refineries in Ukraine.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Red Sea Crisis Adds 100,000 Bpd to Global Oil DemandAccording to the chief executive of Vitol, the Red Sea crisis has boosted global oil demand by 100,000 bpd as ships divert from the region.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Will Waning Gasoline Demand Drag Oil Prices DownOil markets were looking forward to this week's Fed meeting, but with no major changes from the Fed, markets are now focusing on U.S. gasoline demand and geopolitical risk
Source: OilandEnergy - 🏆 34. / 68 Read more »

StanChart Oil Demand Set for All-Time High in MayStandard Chartered global demand will hit a new all-time high of 103.01 mb/d in May.
Source: OilandEnergy - 🏆 34. / 68 Read more »