Global oil demand fell by an estimated 1.1 million barrels per day (bpd) in July this year the latest data from the Joint Organizations Data Initiative (JODI) showed on Monday. Historically, global oil demand normally rises rather than falls in July. The demand decline was driven by drops in consumption in China, India, Indonesia, developed European economies, and Saudi Arabia, according to JODI, which compiles self-reported data from many countries. The July fall in demand is in contrast to the five-year average for the month of July, excluding…
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