Global oil demand surges to new heights

Global oil demand hit a new high of 103 million barrels per day in June, driven by increased air travel and higher oil use in China, according to the International Energy Agency

June saw a surge in oil demand, reaching a record high of 103 million barrels per day, largely due to increased air travel during the holiday season and heightened oil consumption in China. 

The International Energy Agency (IEA) reported that this figure exceeded the pre-pandemic record of 102.4 million barrels per day, set in August 2019.

The IEA forecasts a potential further increase to a new record of up to 103.6 million barrels per day this month.

However, the Paris-based agency expects growth to moderate to one million barrels per day in 2024, attributed to sluggish economic conditions, tighter efficiency standards and the expanding presence of electric vehicles.

In contrast to rising demand, global oil supply dipped by 910,000 barrels per day in July, totalling 100.9 million barrels per day.

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