Global oil demand rose by 3.8 mb/d month-on-month in June, backed by increased mobility in North America and Europe.
- Global oil demand is now rising 5.3 mb/d on average, to 96.2mb/d in 2021, and by an additional 3.2 mb/d in 2022.
- World oil supply rebounded to rise by 1.7 mb/d in July to 96.7 mb/d after South Arabia ended its additional voluntary production cut.
- The global oil output is expected to grow further in the coming months after OPEC+ entered into a new agreement to unwind its remaining curbs.
- The recovery in global refinery activity cooled down in July as new waves of Covid-19 cut into fuel demand as margins remained under pressure.
Global oil inventories have been reducing sharply, and in June, OECD industry shares slumped by a significant 50 mb, or 1.7 mb/d, to 131 mb below its five-year average. OPEC+ can still purchase to reverse its restrictions as required by the market.
CL1! Down -1.17%, USOIL down -1.35%Source: IEA.
