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

Global oil demand jumped by 1.2 million barrels per day (bpd) in February from January, hitting a five-year seasonal high, with seasonal-high demand for gasoline and an all-time high oil demand in India, 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.

Jet fuel demand rose by 300,000 bpd year-on-year in February.  

Another major driver of higher oil demand was India’s oil demand, which jumped to an all-time high in February, while its product exports rose to a seasonal high, the data compiled by JODI showed.

In February, India’s total product demand rose by 265,000 bpd to an all-time high of 5.59 million bpd.

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. Global oil demand in the summer is expected to be strong as consumption of transportation fuels is set to rise across the board and across regions with summer and holiday travel picking up, OPEC said last week as it sees a “robust oil demand outlook for the summer months.”

OPEC continues to expect global oil demand growth of 2.2 million bpd for 2024, broadly unchanged from last month’s assessment. The cartel still sees “robust growth” of 1.8 million bpd in 2025 compared to 2024. 


The International Energy Agency (IEA), however, revised down its 2024 world demand growth forecast by 100,000 bpd, with a demand growth estimate of 1.2 million bpd, well below OPEC’s.

By Charles Kennedy for Oilprice.com

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