Feb 28 (Reuters) – U.S. oil demand rose in December to its highest level since before the coronavirus pandemic began, the U.S. Energy Information Administration (EIA) said on Monday, with product supplied nearing 21 million barrels per day (bpd). Overall fuel demand was up 10% year-on-year in December at 20.8 million bpd, its highest since August 2019. Product supplied is a proxy for consumer demand since it mostly reflects fuels processed from U.S. crude oil for consumption and export. The rapid increase in U.S. oil demand while output remains slow to return to record highs, has forced energy firms to pull massive amount of crude from storage over the past year and helped boost oil futures to their highest since 2014. Crude oil output slipped by about 206,000 bpd to 11.57 million bpd in December, the EIA said in its Petroleum Supply Monthly report. That is about 9% below the 12.83 million bpd produced before the pandemic in February 2020.
IEF: GLOBAL Oil demand hit all-time high in December 2022
Global oil demand jumped by 1.3 million barrels per day in December 2022 “to a new record high,” the International Energy Forum (IEF) stated on Monday citing the Joint Organizations Data Initiative (JODI). The rise in demand was primarily driven “by gains in Japan, Indonesia, and Korea.” Meanwhile, global crude output declined by 274,000 barrels per day in the reported month, hitting its lowest point in five months as the United States and the United Kingdom led the losses. “While markets tightened compared to November, global inventories of crude and refined products climbed counter seasonally by 5.46 mb [million barrels]. Inventories remain 354 mb below the five-year average,” IEF shared. NN: Are you going to let them make an asshole out of you. Stick to your guns. Do not let them punk you….