• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Reality catching up with EV forecasts
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 13 days US Oil Independence is a myth and will always be a myth
  • 2 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 8 days The Federal Reserve and Money...Aspects which are not widely known
  • 17 days Natural gas price to spike when USA is out of the market
  • 2 hours "Oil prices likely not responsible for inflation and other energy insights by hedge fund manager Josh Young" - Kitco News interview by David Lin
  • 13 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 16 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 16 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Oilfield Services Shine As Energy Earnings Lift Off

Oilfield Services Shine As Energy Earnings Lift Off

As earnings season kicks off,…

Iraqi Supreme Court Delivers Blow To Kurdistan Oil Talks

Iraqi Supreme Court Delivers Blow To Kurdistan Oil Talks

The Iraqi Supreme Court delivered…

Global Oil Demand Dropped By Over 1 Million Bpd In July

Global oil demand fell by an estimated 1.1 million barrels per day (bpd) in July this year the latest data from the Joint Organizations Data Initiative (JODI) showed on Monday. Historically, global oil demand normally rises rather than falls in July.

The demand decline was driven by drops in consumption in China, India, Indonesia, developed European economies, and Saudi Arabia, according to JODI, which compiles self-reported data from many countries.

The July fall in demand is in contrast to the five-year average for the month of July, excluding the pandemic years of 2020-2021, which shows demand rising seasonally by an average of 350,000 bpd, the Riyadh-based International Energy Forum (IEF) said.

ADVERTISEMENT

As a result of lower demand in July, global product inventories in July increased by 63 million barrels—more than three times the average seasonal increase. Crude inventories increased counter-seasonally by 9 million barrels. However, global crude and product inventories were still nearly 438 million barrels below the five-year average, the JODI data showed.

In Saudi Arabia, demand fell counter-seasonally by 192,000 bpd in July, which was the first monthly decline since February. Chinese oil demand dropped by 191,000 bpd in July and was 655,000 bpd below year-ago levels. However, Chinese demand was still 135,000 bpd above July 2019 levels, according to the JODI data.

ADVERTISEMENT

Chinese demand was hit by the snap COVID lockdowns which have discouraged travel this summer. China is even expected to see its oil demand fall in 2022 for the first time in more than three decades.

“Growth in global oil demand continues to decelerate, weighed down by renewed Chinese lockdowns and an ongoing slowdown in the OECD,” the International Energy Agency (IEA) said in its closely watched Oil Market Report last week.

The IEA revised down its growth estimate for 2022 by 110,000 bpd from last month’s assessment and now expects global oil demand to grow by 2 million bpd this year.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News