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Key Oil Demand Landmark Expected This August
Posted on 4/23/23 at 2:45 pm
Posted on 4/23/23 at 2:45 pm
quote:
In a new report sent to Rigzone this week, analysts at Standard Chartered announced that they expect a “key landmark in the post-pandemic recovery” will be reached this August “when we forecast demand will set a new all-time high of 102.24 million barrels per day”.
The analysts noted in the report that, according to their calculations, the “all-time high” of global demand was set in August 2019 at 102.2 million barrels per day. In terms of a discussion as to whether oil fundamentals are healthy or weakening, the new all-time high could be looked at in two ways, the analysts outlined in the report.
“The positive interpretation is simply that it is an all-time high,” the analysts said in the report.
“The negative is that it has taken four years to get back to the previous high and four years of business-as-usual growth would have been about five million barrels per day,” they added.
quote:
In a statement sent to Rigzone on Wednesday, Bjarne Schieldrop, the Chief Commodity Analyst at SEB, noted that the group predicts total demand is set to rise by two million barrels per day year on year in 2023 to 101.9 million barrels per day.
Ninety percent of the demand growth is expected to come from non-OECD countries, Schieldrop outlined in the statement, adding that “jet fuel demand will account for 57 percent of demand growth as global aviation continues to normalize post Covid-19”.
quote:
According to the U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), which was released on April 11, total world petroleum and other liquids consumption will hit 100.87 million barrels per day this year. In its previous STEO, which was released in March, the EIA projected that total world petroleum and other liquids consumption would hit 100.90 million barrels per day in 2023.
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Posted on 4/23/23 at 2:48 pm to ragincajun03
Crawfish futures soar on the news
Posted on 4/23/23 at 3:38 pm to Jim Rockford
quote:
Crawfish futures soar on the news
Posted on 4/23/23 at 3:53 pm to ragincajun03
quote:
“jet fuel demand will account for 57 percent of demand growth as global aviation continues to normalize
Wel duh. Each individual attendees Private jet doesn't fly on solar power to all of those green people meetings, so they can decide how the rest of us can cut back.
This post was edited on 4/23/23 at 4:18 pm
Posted on 4/23/23 at 4:48 pm to ragincajun03
This won’t sit well with the climate change nerds. Their underperforming technology isn’t even making a dent 
One could argue it’s actually a negative for them
One could argue it’s actually a negative for them
Posted on 4/23/23 at 4:51 pm to ragincajun03
This push for green energy to combat so called climate change is one of the biggest scams ever pushed on humanity
Posted on 4/23/23 at 4:58 pm to Pelican fan99
How dumb and/or imperious to reality would you have to be to not believe that greenhouse gas emissions increase the surface temperature of the earth in 2023. Holy shite.
Posted on 4/23/23 at 5:37 pm to ragincajun03
So are we to assume that the global demand is the same as August 2019?
Posted on 4/23/23 at 5:39 pm to canes is too salty
quote:
How dumb and/or imperious to reality would you have to be to not believe that greenhouse gas emissions increase the surface temperature of the earth in 2023. Holy shite.
OMG YOU GUYS ITS THE CURRENT YEAR REEEEEEEEE!!@!!!!!!!!!
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