After a counter-seasonal drop in July, global oil demand rebounded in August by 2 million barrels per day (bpd) to reach 99 percent of pre-Covid levels, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Oil demand growth in August was driven by higher consumption in the United States, China, Japan, Saudi Arabia, and Indonesia, the Riyadh-based International Energy Forum (IEF) said, citing the latest JODI data. Of note in August was also a 500,000 bpd increase in global crude oil output, with Saudi Arabia’s production…
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