Australia’s oil product demand reaches fourteen-month high

Oil

Australia’s total oil product demand increased by 22K b/d m-o-m and 171K b/d y-o-y to 987K b/d in May, rising for the fourth month in a row to the highest level since March 2020, according to data from the Australian Petroleum Statistics. Diesel consumption increased by 13K b/d m-o-m and 60K b/d y-o-y to a six-month high of 557K b/d, while jet fuel use also rose by 3K b/d m-o-m and 38K b/d y-o-y to 76K b/d, the highest since March 2020.

Crude oil imports declined by 46K b/d m-o-m to 189K b/d, a ten-month low, with exports also falling by 53K b/d m-o-m to 269K b/d. Arrivals of diesel fell by 88K b/d m-o-m to 358K b/d, while imports of gasoline and jet fuel also declined by 39K b/d m-o-m to 112K b/d and by 38K b/d m-o-m to 30K b/d respectively.