Global oil demand continues to exceed expectations, BP Plc CEO Murray Auchincloss said at the Energy Intelligence Forum in London on Monday. He noted that oil demand has been rising at an average rate of about 1% per year, with BP forecasting strong consumption for the next 5 to 10 years.
According to commodity analysts at Standard Chartered, global oil demand reached a record high of 103.79 million barrels per day (mb/d) in August, marking the third consecutive month of setting new demand records. The bank also reported that oil demand growth in August was 1.32 mb/d. This suggests that oil markets are likely to end the year on a positive note.
The Joint Organisations Data Initiative (JODI) released its latest oil market report last week, prompting Standard Chartered to estimate that global oil demand in September reached 103.012 mb/d. This marks the fourth straight month that global demand has surpassed 103 mb/d. While the year-on-year increase in demand for September was 1.136 mb/d—slightly below the year-to-date average of 1.332 mb/d—it was an improvement from August, which saw a slower growth of 0.631 mb/d.
Earlier this year, Standard Chartered pointed out that while oil demand growth has slowed compared to post-pandemic levels, it has continued to set new records. The bank also highlighted that non-OPEC oil supply has lagged behind demand in 2024. The International Energy Agency (IEA) estimates that non-OPEC supply growth will slow from 2.40 mb/d in 2023 to just 0.93 mb/d in 2024, while demand growth is expected to slow from 1.99 mb/d in 2023 to 0.86 mb/d in 2024.
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