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Global oil demand continues to surprise on the upside, BP Plc Chief Executive Murray Auchincloss told the Energy Intelligence forum in London on Monday, saying that oil demand kept rising on average by more or less 1% each year, with BP predicting robust oil consumption for the next 5-10 years.
Commodity analysts at Standard Chartered have reported that global oil demand hit an all-time high of 103.79 million barrels per day (mb/d) in August, marking the third successive month in which a new all-time demand high has been set. According to StanChart, global oil demand growth clocked in at a healthy 1.32 mb/d in August. Well, it appears that oil markets are poised to finish the year on a bullish note.
Last week, the Joint Organisations Data Initiative (JODI) released its latest oil market report. Following the release, stanChart worked out that global oil demand in September clocked in at 103.012 million barrels per day (mb/d), the fourth consecutive month global demand has exceeded 103 mb/d. The y/y increase in demand in September was 1.136 mb/d, slightly below the average of 1.332 mb/d YTD but an improvement on August, when growth clocked in at just 0.631 mb/d.
Previously, StanChart pointed out that oil demand growth, not absolute oil demand, has been slowing down from earlier post-pandemic years. Indeed, StanChart has noted that global oil demand has been setting a series of new all-time highs in the current year. StanChart points out that traders continue to ignore the fact that non-OPEC supply has slowed more than demand so far in 2024. According to estimates by the IEA, non-OPEC supply growth slowed down from 2.40 mb/d in 2023 to 0.93 mb/d in 2024, while demand growth slowed down from 1.99 mb/d in 2023 to 0.86 mb/d in 2024.
