Global oil demand rebounded in August

On October 17, the Joint Organization Data Initiative (JODI) released data showing that global oil demand rebounded by 2 million b/d
in August after an unseasonal decline in July.
Analysts say oil demand has now recovered to 99 percent
of pre-pandemic levels.

The latest data from JODI showed that the increase in global oil demand in August was mainly driven
by demand from countries such as the United States, China, Japan, Saudi Arabia and Indonesia.
Saudi Arabia's crude exports rose for the third straight month in August, to more than 11 million b/d, the highest in more than two years and up 500,000 b/d
from July levels.
U.
S.
crude oil production rose 290,000 b/d in August from July and a sharp increase of 813,000 b/d
year-on-year.
At the end of August, U.
S
.
crude inventories had slipped by 22.
7 million barrels to the second lowest level on record for the month.

Oil market analysts believe that as economic growth slows, the growth of crude oil demand is limited
in the short term.
In early October, the Organization of the Petroleum Exporting Countries (OPEC) announced a 2 million b/d cut in production, and the pace of supply tightening will also be faster than previously expected
.
Analysts said that OPEC's actual production reduction is expected to be only half of its announced level, that is, a reduction of 1 million ~ 1.
1 million barrels / day
.
That's because many of the organization's oil-producing countries have struggled for months to raise output to their quota levels
.
The International Energy Agency warned that OPEC's decision to cut production sharply would put global energy security at risk, potentially leading to higher oil prices, which would drag down the global economy
.