News Digest: Global oil demand peaked in March, says reporting body
May 30, 2023
Driven by growth in demand from China and the US, global oil demand rose by three million barrels per day on a month-on-month basis in March. This is the highest-ever level recorded by the Joint Organizations Data Initiative (JODI) reporting countries, says a report.
China’s total demand grew by 1.6 million barrels per day month-on-month to touch 16.79 million barrels per day, even as global crude oil production dipped by 0.5 million barrels per day during the same period due to lower output from US, China, Angola, Canada and the UK.
Meanwhile, global inventories of refined products declined by 39.6 million barrels in March while crude inventories dropped by 0.7 million barrels. Total crude and product inventories during the month remained 336 million barrels below the five-year average. JODI did not add Russia’s data for March, but in February its crude production rose by 133 million kb per day.