The world's oil consumption jumped by about 3 million barrels per day, on a monthly basis, during last March, according to the report issued few days ago on this May 2023.
The latest OPEC data indicates that total global oil demand averaged 101.58 million barrels per day in the first quarter of 2023, with expectations that it will average 101.90 million barrels in 2023, according to what was monitored by the Energy Research Unit.
Global oil demand during March 2023
China led global oil demand growth last March, with the country's consumption increasing by 1.6 million barrels per day, on a monthly basis, to 16.79 million barrels per day, the third-highest level on record, according to Judy's data.
China's imports of crude rose by about 1.37 million barrels per day, to reach 12.35 million barrels per day in March, to meet the growing demand, while Chinese oil product exports declined by 402 thousand barrels per day, to reach 1.33 million.
And all expectations of global oil demand growth during 2023 depend on China, with the economic recovery from the repercussions of the Corona pandemic, in contrast to fears of recession in many other major economies, with accelerating inflation and high interest rates.
The International Energy Agency has warned that the growth of Chinese demand for oil, which exceeds expectations, threatens to shorten the global supply.
In the United States, the demand for oil increased by about 1.77 million barrels per day, during March, to reach 21.77 million barrels per day, according to what was monitored by the Energy Research Unit.
Global oil production
Global production of crude oil fell by 0.5 million barrels per day in March 2023, driven by lower supplies in the United States, China, Angola, Canada and the United Kingdom.
Crude oil production in the United States fell to 12.22 million barrels per day in March, down by 257 thousand barrels per day on a monthly basis, but it increased by about 525 thousand, compared to the same month of 2022.
China's crude oil production also declined by 172,000 barrels per day, to reach 4.29 million barrels per day in March.
On the other hand, crude oil production in Saudi Arabia increased by about 14 thousand barrels per day in March, to reach the level of 10.46 million barrels per day.
The latest OPEC estimates indicate an increase in Saudi oil production by 95 thousand barrels per day, during April 2023, bringing the total to 10.5 million barrels per day.
On the other hand, global inventories of refined products decreased by 39.6 million in March 2023, and crude inventories decreased by 0.7 million barrels.
Global oil demand rose to a new record high in March 2023, supported by growth in China and the United States.
The world's oil consumption jumped by about 3 million barrels per day, on a monthly basis, during last March, according to the report issued today, Thursday, May 18, 2023, by the International Energy Forum, based on the Joint Organizations Data Initiative (JODI).
The latest OPEC data indicates that total global oil demand averaged 101.58 million barrels per day in the first quarter of 2023, with expectations that it will average 101.90 million barrels in 2023, according to what was monitored by the Energy Research Unit.
Global oil demand during March 2023
China led global oil demand growth last March, with the country's consumption increasing by 1.6 million barrels per day, on a monthly basis, to 16.79 million barrels per day, the third-highest level on record, according to Judy's data.
China's imports of crude rose by about 1.37 million barrels per day, to reach 12.35 million barrels per day in March, to meet the growing demand, while Chinese oil product exports declined by 402 thousand barrels per day, to reach 1.33 million.
And all expectations of global oil demand growth during 2023 depend on China, with the economic recovery from the repercussions of the Corona pandemic, in contrast to fears of recession in many other major economies, with accelerating inflation and high interest rates.
The International Energy Agency has warned that the growth of Chinese demand for oil, which exceeds expectations, threatens to shorten the global supply.
In the United States, the demand for oil increased by about 1.77 million barrels per day, during March, to reach 21.77 million barrels per day, according to what was monitored by the Energy Research Unit.
Global oil production
Global production of crude oil fell by 0.5 million barrels per day in March 2023, driven by lower supplies in the United States, China, Angola, Canada and the United Kingdom.
Crude oil production in the United States fell to 12.22 million barrels per day in March, down by 257 thousand barrels per day on a monthly basis, but it increased by about 525 thousand, compared to the same month of 2022.
China's crude oil production also declined by 172,000 barrels per day, to reach 4.29 million barrels per day in March.
On the other hand, crude oil production in Saudi Arabia increased by about 14 thousand barrels per day in March, to reach the level of 10.46 million barrels per day.
The latest OPEC estimates indicate an increase in Saudi oil production by 95 thousand barrels per day, during April 2023, bringing the total to 10.5 million barrels per day.
On the other hand, global inventories of refined products decreased by 39.6 million in March 2023, and crude inventories decreased by 0.7 million barrels.
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The world's oil consumption jumped by about 3 million barrels per day, on a monthly basis, during last March, according to the report issued few days ago on this May 2023.
The latest OPEC data indicates that total global oil demand averaged 101.58 million barrels per day in the first quarter of 2023, with expectations that it will average 101.90 million barrels in 2023, according to what was monitored by the Energy Research Unit.
Global oil demand during March 2023
China led global oil demand growth last March, with the country's consumption increasing by 1.6 million barrels per day, on a monthly basis, to 16.79 million barrels per day, the third-highest level on record, according to Judy's data.
China's imports of crude rose by about 1.37 million barrels per day, to reach 12.35 million barrels per day in March, to meet the growing demand, while Chinese oil product exports declined by 402 thousand barrels per day, to reach 1.33 million.
And all expectations of global oil demand growth during 2023 depend on China, with the economic recovery from the repercussions of the Corona pandemic, in contrast to fears of recession in many other major economies, with accelerating inflation and high interest rates.
The International Energy Agency has warned that the growth of Chinese demand for oil, which exceeds expectations, threatens to shorten the global supply.
In the United States, the demand for oil increased by about 1.77 million barrels per day, during March, to reach 21.77 million barrels per day, according to what was monitored by the Energy Research Unit.
Global oil production
Global production of crude oil fell by 0.5 million barrels per day in March 2023, driven by lower supplies in the United States, China, Angola, Canada and the United Kingdom.
Crude oil production in the United States fell to 12.22 million barrels per day in March, down by 257 thousand barrels per day on a monthly basis, but it increased by about 525 thousand, compared to the same month of 2022.
China's crude oil production also declined by 172,000 barrels per day, to reach 4.29 million barrels per day in March.
On the other hand, crude oil production in Saudi Arabia increased by about 14 thousand barrels per day in March, to reach the level of 10.46 million barrels per day.
The latest OPEC estimates indicate an increase in Saudi oil production by 95 thousand barrels per day, during April 2023, bringing the total to 10.5 million barrels per day.
On the other hand, global inventories of refined products decreased by 39.6 million in March 2023, and crude inventories decreased by 0.7 million barrels.
Global oil demand rose to a new record high in March 2023, supported by growth in China and the United States.
The world's oil consumption jumped by about 3 million barrels per day, on a monthly basis, during last March, according to the report issued today, Thursday, May 18, 2023, by the International Energy Forum, based on the Joint Organizations Data Initiative (JODI).
The latest OPEC data indicates that total global oil demand averaged 101.58 million barrels per day in the first quarter of 2023, with expectations that it will average 101.90 million barrels in 2023, according to what was monitored by the Energy Research Unit.
Global oil demand during March 2023
China led global oil demand growth last March, with the country's consumption increasing by 1.6 million barrels per day, on a monthly basis, to 16.79 million barrels per day, the third-highest level on record, according to Judy's data.
China's imports of crude rose by about 1.37 million barrels per day, to reach 12.35 million barrels per day in March, to meet the growing demand, while Chinese oil product exports declined by 402 thousand barrels per day, to reach 1.33 million.
And all expectations of global oil demand growth during 2023 depend on China, with the economic recovery from the repercussions of the Corona pandemic, in contrast to fears of recession in many other major economies, with accelerating inflation and high interest rates.
The International Energy Agency has warned that the growth of Chinese demand for oil, which exceeds expectations, threatens to shorten the global supply.
In the United States, the demand for oil increased by about 1.77 million barrels per day, during March, to reach 21.77 million barrels per day, according to what was monitored by the Energy Research Unit.
Global oil production
Global production of crude oil fell by 0.5 million barrels per day in March 2023, driven by lower supplies in the United States, China, Angola, Canada and the United Kingdom.
Crude oil production in the United States fell to 12.22 million barrels per day in March, down by 257 thousand barrels per day on a monthly basis, but it increased by about 525 thousand, compared to the same month of 2022.
China's crude oil production also declined by 172,000 barrels per day, to reach 4.29 million barrels per day in March.
On the other hand, crude oil production in Saudi Arabia increased by about 14 thousand barrels per day in March, to reach the level of 10.46 million barrels per day.
The latest OPEC estimates indicate an increase in Saudi oil production by 95 thousand barrels per day, during April 2023, bringing the total to 10.5 million barrels per day.
On the other hand, global inventories of refined products decreased by 39.6 million in March 2023, and crude inventories decreased by 0.7 million barrels.
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The world's oil consumption jumped by about 3 million barrels per day, on a monthly basis, during last March, a…" />
Africa Energy Insights - Global demand for oil is rising to a record level
Oil & Gas
Global demand for oil is rising to a record level
Irene Jerry
1 year, 5 months
Global oil demand rose to a new record high in March 2023, supported by growth in China and the United States.
The world's oil consumption jumped by about 3 million barrels per day, on a monthly basis, during last March, according to the report issued few days ago on this May 2023.
The latest OPEC data indicates that total global oil demand averaged 101.58 million barrels per day in the first quarter of 2023, with expectations that it will average 101.90 million barrels in 2023, according to what was monitored by the Energy Research Unit.
Global oil demand during March 2023
China led global oil demand growth last March, with the country's consumption increasing by 1.6 million barrels per day, on a monthly basis, to 16.79 million barrels per day, the third-highest level on record, according to Judy's data.
China's imports of crude rose by about 1.37 million barrels per day, to reach 12.35 million barrels per day in March, to meet the growing demand, while Chinese oil product exports declined by 402 thousand barrels per day, to reach 1.33 million.
And all expectations of global oil demand growth during 2023 depend on China, with the economic recovery from the repercussions of the Corona pandemic, in contrast to fears of recession in many other major economies, with accelerating inflation and high interest rates.
The International Energy Agency has warned that the growth of Chinese demand for oil, which exceeds expectations, threatens to shorten the global supply.
In the United States, the demand for oil increased by about 1.77 million barrels per day, during March, to reach 21.77 million barrels per day, according to what was monitored by the Energy Research Unit.
Global oil production
Global production of crude oil fell by 0.5 million barrels per day in March 2023, driven by lower supplies in the United States, China, Angola, Canada and the United Kingdom.
Crude oil production in the United States fell to 12.22 million barrels per day in March, down by 257 thousand barrels per day on a monthly basis, but it increased by about 525 thousand, compared to the same month of 2022.
China's crude oil production also declined by 172,000 barrels per day, to reach 4.29 million barrels per day in March.
On the other hand, crude oil production in Saudi Arabia increased by about 14 thousand barrels per day in March, to reach the level of 10.46 million barrels per day.
The latest OPEC estimates indicate an increase in Saudi oil production by 95 thousand barrels per day, during April 2023, bringing the total to 10.5 million barrels per day.
On the other hand, global inventories of refined products decreased by 39.6 million in March 2023, and crude inventories decreased by 0.7 million barrels.
Global oil demand rose to a new record high in March 2023, supported by growth in China and the United States.
The world's oil consumption jumped by about 3 million barrels per day, on a monthly basis, during last March, according to the report issued today, Thursday, May 18, 2023, by the International Energy Forum, based on the Joint Organizations Data Initiative (JODI).
The latest OPEC data indicates that total global oil demand averaged 101.58 million barrels per day in the first quarter of 2023, with expectations that it will average 101.90 million barrels in 2023, according to what was monitored by the Energy Research Unit.
Global oil demand during March 2023
China led global oil demand growth last March, with the country's consumption increasing by 1.6 million barrels per day, on a monthly basis, to 16.79 million barrels per day, the third-highest level on record, according to Judy's data.
China's imports of crude rose by about 1.37 million barrels per day, to reach 12.35 million barrels per day in March, to meet the growing demand, while Chinese oil product exports declined by 402 thousand barrels per day, to reach 1.33 million.
And all expectations of global oil demand growth during 2023 depend on China, with the economic recovery from the repercussions of the Corona pandemic, in contrast to fears of recession in many other major economies, with accelerating inflation and high interest rates.
The International Energy Agency has warned that the growth of Chinese demand for oil, which exceeds expectations, threatens to shorten the global supply.
In the United States, the demand for oil increased by about 1.77 million barrels per day, during March, to reach 21.77 million barrels per day, according to what was monitored by the Energy Research Unit.
Global oil production
Global production of crude oil fell by 0.5 million barrels per day in March 2023, driven by lower supplies in the United States, China, Angola, Canada and the United Kingdom.
Crude oil production in the United States fell to 12.22 million barrels per day in March, down by 257 thousand barrels per day on a monthly basis, but it increased by about 525 thousand, compared to the same month of 2022.
China's crude oil production also declined by 172,000 barrels per day, to reach 4.29 million barrels per day in March.
On the other hand, crude oil production in Saudi Arabia increased by about 14 thousand barrels per day in March, to reach the level of 10.46 million barrels per day.
The latest OPEC estimates indicate an increase in Saudi oil production by 95 thousand barrels per day, during April 2023, bringing the total to 10.5 million barrels per day.
On the other hand, global inventories of refined products decreased by 39.6 million in March 2023, and crude inventories decreased by 0.7 million barrels.
