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Global Oil Demand Rose 2mbpd YTD: JP Morgan

OIL

Global oil demand year to date has expanded by 2mbpd and reached 101.8mbpd in the first week of November, JP Morgan said in a note.

  • In Europe, Italian oil demand was down by 53kbpd on the year in September, while UK fuel sales rose by 21kbpd year on year in the same month – marking a seven-month high.
  • In the first week of November, European oil demand showed a 0.5mbpd month-on-month decline. Recent flight activity suggests European jet fuel demand contracted by 53kbpd on the year for the week ending November 3, its first contraction in 2023.
  • US gasoline demand stood at 9mbpd so far in November.
  • Chinese demand is estimated to average 16.8mbpd. Chinese flights have dropped to levels last seen in March 2023.
  • India’s oil consumption rose by 200kbpd on the year in October, as industrial and agricultural activities resumed following monsoon-related disruptions. Oil demand is expected to remain firm in 4Q23 as industrial activity increases ahead of the festival season in November and December.
Energy BulletsCommodities
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