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    Home ยป Global Oil Supply Ramps Up by 1.7 mb/d in July as Demand Rose at Faster Pace of 3.8 mb/d
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    Global Oil Supply Ramps Up by 1.7 mb/d in July as Demand Rose at Faster Pace of 3.8 mb/d

    September 1, 20211 Min Read
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    Oil and gas refinery tanks at twilight
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    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.

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