6/20, 1:07 PM (Source: TeleTrader)
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Oil demand falls below pre-COVID levels in April - IEF

Global oil demand declined on a monthly basis to below pre-pandemic levels in April, the International Energy Forum (IEF) cited the Joint Organizations Data Initiative (JODI).

The demand for oil in April fell to 97%, a decrease in comparison to March 2022 and pre-COVID levels in 2019, with consumption subsiding across Asia, according to the JODI data. "Collectively, demand was 13 percent lower than April 2019 levels in Hong Kong, Taiwan, Japan, Korea, and Indonesia," it was written in the report.

On the other hand, the production of crude in April 2022 remained stable at 97% when compared to the pre-pandemic levels in 2019. The report noted that "for the first time since June 2020, both crude oil and refined product inventories rose month-on-month."

Baha Breaking News (BBN) / AY