Global Oil Demand Decreased by 120,000Bpd in July – IEA


Global oil demand saw a 120,000 barrels per day month-on-month decrease in July, as the rapid spread of the Delta coronavirus strain undermined deliveries in Asia, the International Energy Agency (IEA) said on Thursday.

“Global oil demand surged by 3.8 mb/d month-on-month (m-o-m) in June, almost three times the seasonal norm, led by increased mobility in North America and Europe. However, demand growth abruptly reversed course in July. We now estimate that demand fell in July (-120 kb/d m-o-m), as the rapid spread of the Covid-19 Delta variant undermined deliveries in China (-760 kb/d m-o-m), Indonesia (-130 kb/d m-o-m) and other parts of Asia,” the IEA said it its fresh oil market report.

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