Australia’s oil product demand climbs to one-year high

Oil

Australia’s total oil product demand increased by 19K b/d m-o-m to 953K b/d in March, rising for the second consecutive month to the highest level since March 2020, according to data from the Australian Petroleum Statistics. Jet fuel consumption also rose to a one-year high, increasing by 8K b/d m-o-m to 66K b/d, while gasoline and diesel demand grew by 8K b/d m-o-m to 296K b/d and 5K b/d to 533K b/d respectively.

Crude oil exports tumbled by 61K b/d m-o-m and 97K b/d y-o-y to 241K b/d, with imports also decreasing by 3K b/d m-o-m and 106K b/d y-o-y to 291K b/d. Arrivals of diesel jumped by 64K b/d m-o-m to a nine-month high of 414K b/d, whereas jet fuel imports declined by 29K b/d m-o-m to 22K b/d, the lowest since June 2020.