Global oil demand growing at fastest pace for five years

World oil demand surged in the first six months of 2015 compared with the same period in 2014, according to national estimates submitted to the Joint Oil Data Initiative (JODI).

Petroleum demand is responding in the expected manner to a halving in the price of crude and significant declines in the price of most fuels in most consuming countries, as well as continued economic expansion in much of the world.

Fifty-nine countries, accounting for 75-80 percent of global oil consumption, have submitted demand estimates for both the first half of 2014 and 2015 to JODI.

Submitters include all the world’s major consumers, with the notable exceptions of Russia, Iran, Indonesia, Venezuela, Malaysia, South Africa and United Arab Emirates.

Submitters reported consumption averaged 71.4 million barrels per day (bpd) in the first six months of 2015, up from 69.1 million bpd in the prior-year period, an increase of 2.3 million bpd or 3.3 percent.

China accounted for slightly over half the total increase, with reported consumption of petroleum products up by 1.3 million bpd, more than 13 percent. (by John Kemp, Reuters)