The Oil Market Intelligence (OMI) group tracks monthly global oil demand. I track the 12-month moving averages of their data to smooth out the monthly volatility. Total world demand rose to a record 91.1mbd during October. However, that’s up at a rather anemic pace of 1.3% y/y. The OMI data show that demand in the 34 advanced economies of the OECD fell 0.3% y/y last month. The growth rate among non-OECD countries has been slowing since January, from 3.8% to 3.0% during October.
By the way, so far, it’s hard to see any positive impact of Abenomics on Japan’s oil demand, which has been falling for the past nine consecutive months through October. Electric power consumed by large producers rebounded earlier this year, but fell sharply during August and September.
Today's Morning Briefing: Super-Cycle. (1) Super, but short. (2) Gold’s message. (3) Industrial commodity prices not so super since 2011. (4) When emerging economies emerged. (5) The best cure for high commodity prices. (6) Margin squeeze. (7) Glencore vs. Caterpillar. (8) Slow global growth is bullish for stocks. (9) OECD’s downbeat outlook. (10) Europe’s malaise. (11) Not much heat in global oil demand. (12) Focus on underweight-rated S&P 500 Energy.
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Global Oil Demand
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