World oil demand hit a 9-month excessive in November

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Oil Value


Stable demand in China, India, and Japan lifted world oil demand by 1.7 million barrels per day (bpd) in November to the very best stage since February 2022, new knowledge from the Joint Organizations Knowledge Initiative (JODI) confirmed on Thursday.

Supply: Oil Value

China’s oil demand rebounded by virtually 1 million bpd in November in comparison with October, whereas Chinese language crude oil imports surged to a 20-month excessive, based on the JODI knowledge shared by the Riyadh-based Worldwide Power Discussion board (IEF).

In China, oil demand rose by 985,000 bpd in November to a nine-month excessive, whereas crude oil imports rose by 1.22 million bpd to 11.41 million bpd. This was the very best quantity of crude imports into China in 20 months, based on JODI knowledge. Chinese language gas exports rose by 495,000 bpd to 1.61 million bpd, a 17-month excessive.

Knowledge from this week confirmed that China’s gas exports jumped in December, with gasoline gross sales overseas matching an October 2020 report, following an enormous export quota the authorities issued to refiners on the finish of 2022.

Going ahead, analysts and trade professionals anticipate China’s oil demand to rebound within the coming months from a stoop on the finish of 2022, as China lifted its Covid restrictions after practically three years.

Saudi oil big Aramco expects the Chinese language reopening and a pick-up in jet gas demand to result in a rebound in world oil demand this yr, Amin Nasser, the CEO of the world’s largest oil agency, informed Bloomberg in an interview printed on Wednesday.

In accordance with the JODI knowledge launched in the present day, world oil demand was at 100% of pre-COVID ranges in November, whereas crude manufacturing was at 97% of pre-pandemic ranges.

Crude oil manufacturing dropped by 599,000 bpd in November to a four-month low, led by reductions in Saudi Arabia and Iraq as a part of the OPEC+ deal that had its members scale back output as of November 2022.

By Charles Kennedy for Oilprice.com



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