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Global crude oil demand continues to decelerate

Consumption

Growth in global crude oil demand continues to decelerate, weighed down by renewed Chinese lockdowns and an ongoing slowdown in the OECD region, global energy body International Energy Agency said in its latest report.

“Persistent demand weakness in China considerably slowed the pace of a summer ramp-up in refining activity. After reaching a post-Covid peak in August of 81.4 million barrel per day, refinery throughputs are expected to fall in September-October on seasonal maintenance,” it said. With lower runs (the volume of crude oil consumed by refineries), refined product inventories are now unlikely to see any substantial builds for the remainder of the year.

Brent crude oil futures prices slipped below USD 90 per barrel in early September, the lowest level since January and more than USD 34 barrel below a June peak. This is the largest 90-day decline since March-April 2020 and is only exceeded prior to 2020 by market routs in 2014-15 and 2008-09.

For now, a deteriorating economic environment and recurring Covid lockdowns in China continue to weigh on market sentiment, it said.

However, the deceleration in crude oil intake is partly offset by large-scale switching from gas to crude oil, estimated to average 700 kb/d during October-December 2022 and January-March 2023, double the level of a year ago, the agency said in the report.

Coming to global demand for crude oil in 2022, it is expected to rise by 2 million barrel per day and 2.1 million barrel per day in 2023, marginally lower than its last month’s forecast.

“World oil production rose 790 kb/d in August to 101.3 mb/d, with a strong recovery in Libya and smaller gains from Saudi Arabia and the UAE offset by losses in Nigeria, Kazakhstan and Russia. From August through December, growth is forecast to slow, edging up by just 280 kb/d to 101.6 mb/d. In 2022, global production is forecast to rise by 4.8 mb/d, to 100.1 mb/d, and by 1.7 mb/d in 2023 to 101.8 mb/d,” it said.

However, the EU embargo on Russian crude oil and product imports that comes into effect in December 2022 and February 2023, respectively, is expected to result in deeper declines, it added.

times of oman



21 Comments on "Global crude oil demand continues to decelerate"

  1. makati1 on Sun, 18th Sep 2022 5:44 pm 

    Decline? I hope this does not make you think that gas prices are coming down? I would bet a case of San Mig that OPEC will just cut production, not prices. We shall see.

  2. makati1 on Sun, 18th Sep 2022 6:33 pm 

    I never thought I would be witnessing the regression of the West (US,UK,EU) back to Medieval or even the Dark Ages. Instead of decades or years, it is happening in months and even weeks. Spring of 2023 may see a different world. That part of the WEF Reset may succeed, but it is only 1/8 of the world. No great loss. The other 7/8 will go on and prosper.

  3. Duncan Idaho on Tue, 20th Sep 2022 12:21 pm 

    Alexander Herzen, speaking to a group of anarchists about how to overthrow the czar, reminded his listeners that it was not their job to save a dying system but to replace it: “We are not the doctors. We are the disease.”

  4. BRAKING NOOS: peaceful muzzies defrauded convid funds 250M in MN on Tue, 20th Sep 2022 9:53 pm 

    supertards please chage ur undies after 3 weeks

    please feel at ease among friends we’re all lovers of supremacist muzzies here.

  5. Theedrich on Wed, 21st Sep 2022 9:25 am 

    The U.S. is now a concentration camp for the insane. The crime syndicate run by international ultra-rich and their propaganda ministers have achieved civilizational collapse by political perversion of the West.  Massive hidden inflation far over the “official” 8%, deliberate importation of millions of Third World dross, parasites, criminals into the West to overload it, a hideous proxy war to destroy Russia and utterly debilitate Europe, rigging the American and other electoral systems to achieve one-party dictatorships, thorough corruption of bribe-ocrats of both major political parties in the U.S., a lab-created disease engineered by the World Economic Forum (Weltwirtschaftsforum) to create a global crisis to produce a “Great Reset” of planetary dimensions, and the mass TV-hypnosis of the herds to accept control by deranged commissars and pompous ignorami in every sphere, have now destroyed the world.

    We can now expect breakdown in every aspect of life, as dictated by the international globalists.  The masses have opted for self-destruction by lullaby.

    Lemmings, they say, commit suicide by attempting a fatal swim to an island which seems to promise more opportunities for them.  Their leaders promise a Great Reset.

  6. makati1 on Thu, 22nd Sep 2022 12:59 am 

    Theedrich, if someone had described what Amerika is like today, to me 50 years ago, I would have said “impossible!”. Yet here it is in real, insane life. If I try to talk about it with my relatives or friends in the US, they change the subject. Joseph Goebbels would be thrilled with the possibilities of the internet, as would Edward Bernays were he still alive.

    If ever it can be said that one well bankrolled psychopath could brainwash so many supposedly intelligent people, then Klaus Schwab is proof. Just look at the Western governments. I have never heard so many lies, hypocrisy and pure bullshit spewed by so many at one time and they have to know it is lies, hypocrisy and bullshit or they are truly Borg.

    2030 is going to see a totally different world and I do not think it will be anything like the WEF plan or what the US elite want. I expect to see it, do you?

    BTW: 2026 will be the 250th anniversary of US independence. Do you think it will still exist as a 1st world country at that point, or…?

  7. Biden’s hairplug on Thu, 22nd Sep 2022 7:56 am 

    I agree with Mak that this WEF-thing is overrated. In Europe, in rightwing-leaning circles, everybody is talking about WEF as if it is something great, hyperpowerful, inevitable, and more of that BS.

    First of all: WEF = US deep state.
    And since the US is in decline, so is WEF.

    Western (read:US) hegemony is almost over. Russia, China (SCO) will manage to stay out of the claws of the US. A good sign is the former US vassals like Egypt, Turkey, KSA, Qatar, Pakistan, etc. are showing interest in participating in SCO or an integrated dollar-free Eurasia.

  8. Ted Wilson on Thu, 22nd Sep 2022 12:22 pm 

    Historical shift has happened as catholics overtake protestants in N. Ireland which brings the subject of Irish unification. This will make Joe Biden happy.
    But how will this impact Anglo American Oil Alliance and the fact that Brent crude is the benchmark for 70% of Worlds crude.

    https://www.belfasttelegraph.co.uk/news/northern-ireland/census-2021-catholics-outnumber-protestants-in-northern-ireland-for-first-time-42008881.html

  9. FamousDrScanlon on Thu, 22nd Sep 2022 3:03 pm 

    mak 50 years ago my dad bought a copy of ‘The Limits to Growth’ which I read 10 years later and that, is in part, why the decline of America and the west in no big surprise to me.

    The only significant ‘surprise’ to me is the rate of climate change.

    Up to roughly 2000 I was telling my people if I catch any major climate hell it won’t be until I’m in my 70’s.

    Whoops. I was wrong. Faster than expected. So fast it’s taking out some Boomers with more to come.

    I live in Western Canada and in less than a decade I’ve seen the record for worst disaster in Canadian history SMASHED 3 times.

    The odds of that happening without a significant climate change/shift are, for all practical purposes, ZERO%.

    Mak, you should have read ‘The Limits to Growth’.

    Just the other day you said the 4th turning (lmao) was underway or whatever magic propels it was about to happen.

    I thought you said you read the forth turning. Why would a 4th turner be surprised?

    Like most who talk about the 4th turnbuckle, I don’t believe you’ve ever read it.

    It’s a US conservative conspiracy fan favorite and that demography does not buy many books and reads even less. Only ghetto dwellers read less.

    ‘Yabut we are the best at copy-n-paste’. Tis true tis true and I’m mightily proud of you for that.

    49.6C temps & next day being reduced to stinky ash. in ,

    The Southren BC record smashing flooding of 2021
    The 2013 record smashing Southern Alberta & Calgary horror show floods. The 2016 Fort McMurray record smashing horror show with 90,000 evacuated.

    And in 2021 we also saw the Canadian high temperature record get reset and broke 3 days in a row and finally ending up blow sky high in the town of Lytton BC @ 49.6C (121.2F), and for good measure the town burned to the ground the very next day. Just a bunch of ash heaps.

    I say smashed because that is the correct word to describe how big the differences are to previous records being broken in the former, long gone climate. Most were, on average broken by small margins. These huge margins were a near impossibility in the climate of 30 + years. Not any more.

    These graphics show just how much record-breaking rain hit southern B.C. recently

    20 rainfall records were set Sunday as a massive storm rolled through the region

    “B.C. has declared a state of emergency and a mammoth cleanup effort is getting underway in the wake of devastating floods in the southern part of the province.

    The flooding — which has displaced thousands of people and damaged property, transportation networks and other infrastructure — was caused by record rainfall last weekend, with many officials calling the storm that hit the province a once-in-a-century event.

    But just how rare was the amount of rain that fell? Below are a few graphics that illustrate the scope of the rainfall.
    How much rain fell?”

    https://www.cbc.ca/news/canada/british-columbia/bc-record-rainfall-graphics-1.6254271

    All the evidence for these events is out there and I’ve posted much of it when they happened.

    The last estimate I saw for the 2021 flooding was $9 billion Cad, but they always go up up up and much never get fixed or replaced any more.

    Don’t worry though because according to mak and a handful of conserative white boys in America and some in the rest of the Anglo sphere it’s all an elaborate hoax to scam 10K in grant money.

    They are such awesome evil doers that we don’t even know how they have managed to pull of thousands of these record smashing natural disasters while making it appear as if the climate change.

    I’m sure one day super sluth mak and his crew of low IQ conservatives will figure it out.

    BTW their low IQ’s are an illusion created b the climate scammers too.

    In the words of super prediction fail king clog, “you’ll see you’ll see!”.

    The 4th turning is pseudo scientific woo woo. Any book that claims it’s thesis is a “prophecy” (in the subtitle) is not a science book or serious book. It’s woo woo. prophecies are for religious folks.

    4th turning sucks, but I do like a Slow Turning though.

    https://youtu.be/2L22C5IJTfE

  10. FamousDrScanlon on Thu, 22nd Sep 2022 3:20 pm 

    Bill Mahar is a US liberal who gets the far left’s insanity & has a laugh taking them down a notch.

    New Rule: A Unified Theory of Wokeness | Real Time with Bill Maher (HBO)

    “It’s time to stop judging everyone in the past by the standards of the present.”

    https://youtu.be/schuzjknjYE

  11. makati1 on Thu, 22nd Sep 2022 4:09 pm 

    Famous, Climates change. Humans can neither change that or stop it. This one is being used to make $$$ and to try to push forward the WEF’s Reset. The dumbeddown West is paying the highest price. The other ~80% are giving it lip service but still growing their economies and moving forward. China, Russia, Iran, the Philippines, etc.

    If you happen to live in the wrong place for that change, so be it. It is still a large world and most will survive the change, with some adjustments along the way. If you are in your 70s, as I am, you don’t have to, worry. I don’t.

  12. makati1 on Thu, 22nd Sep 2022 4:13 pm 

    Biden’s, we agree on that point. The WEF is an elite, megalomaniac club trying to remake the world in their idea of Utopia, for them. You and I are not in that club, but we outnumber them at least 1,000,000 to 1. Guess who will win?

  13. makati1 on Thu, 22nd Sep 2022 4:17 pm 

    Famous:

    “Grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.”

    Reinhold Niebuhr American theologian

  14. Theedrich on Thu, 22nd Sep 2022 4:22 pm 

    Yes, Mak, the average American loves being snowed. He doesn’t have to think for himself that way, and he is relieved of his responsibility for having voted for genocidists like Biden.  Meanwhile, government shills constantly invent pleasant-sounding new euphemisms to justify our government’s murders and wars:  “Humanitary intervention,” “Responsibility to protect,” “We wage war to help,” i.e., “love-filled rape.”

    The cognitive dissonance caused by admitting the truth is just too painful for the majority.  I remember speaking once going to a prison and speaking through a window to a man who had murdered his own daughter by stabbing her with a knife multiple times.  He told me in self-justification mode that she was an alcoholic, implying that she had deserved her horrible death.  This is the kind of mentality that we are dealing with in Mr. Patriotic American.  It goes along with all kind of other absurdities such as the denial of biological evolution, belief in a talking snake, a “chosen people,” and many other flat-earth fantasies.

    The governmental crime syndicate is well aware of the neurotic nature of the masses, and uses it to destroy civilization for its own benefit.

    It is simply not possible to awaken the average hypnotizee.

  15. FamousDrScanlon on Fri, 23rd Sep 2022 2:38 am 

    mak has ZIP

    The best you have is repeating the same 2-3 contrarian sentences over and over.

    Essentially anything you don’t like you just say “No it isn’t”

    You are the dumbest moron ever to disgrace peakoil.com.

    Years ago it was ‘Boat’ but you kept talking and removed all doubt that you are the champion know nothing.

    Go count your government welfare check Boomer.

    I’ll wager big that some Filipino Muzzies have cased you and your place and your neighborhood and are waiting for an opportunity to ‘Danial Pearl” you. A major, never before seen, cat 6 Typhoon hitting you dead on or a coup. Panic in the streets and many raging young P’s will use it as cover to stab and hack fat Americans to death.

    I’ve seen estimates that the US military killed over a half million Filipinos during their imperial conquest of the nation of islands.

    Think natives won’t ever touch the empires people (civilian & military) history says it’s just a matter of time before they strike.
    W
    In the end the natives don’t often win, but they do slaughter many of the empires stationed bureaucrats, soldiers and fat retirees.

    Are you familiar with any history of the holy land?

    The Sicarii: The Jewish Daggermen With a Thirst for Roman Blood

    “The Sicarii – which may be translated as ‘daggermen’ from the Latin – were a group of Jewish zealots who lived during the 1 st century AD. The Sicarii intended to expel the Romans and their collaborators from Judaea, and resisted their rule. One of the tools they employed in their effort to achieve this end was assassination, especially in crowded places, which was calculated to strike fear into the hearts of their enemies. The Sicarii are often considered to be one of the earliest groups of terrorists in human history.”

    https://www.ancient-origins.net/history-important-events/sicarii-jewish-daggermen-thirst-roman-blood-008179

    I wonder if Jesus knew any Sicarii?

    Funny how there is plenty of written material from this time period yet not one mention of the new Messiah and his magic miracles and huge crowd at the sermon on the mount. You would think of a guy making that much noise and influencing such huge numbers of people there would be just one mention of the lord and savior from all the contemporary writings archeology has uncovered. Nope. Other than the new testament which is not history and was not written to be history, there is no mention of Jesus in any writings until many decades after his death. Paul, formerly Saul of…is the first methinks. There was a fake, but it was debunked. By Germans I think. The german scholars were the first ones I know of who said – hey wait a minute, this stuff is myth.

    Anyway mak, watch out for the P’s Sicarii boys stab stab stabby.. mak the knife?

    They are like sleeper agents in their own country waiting for the shit to hit then the signal to kill the white people.

    Jesus was white. That’s why they killed him. Just kidding. He was greasy brown and the Romans killed him. The Romans had been crucifying people for centuries before Jesus. Hell there was a messiah a day for years during Roman occupation. Many sounded like Geebus. The Romans considered Messiahs criminals – sedition and trying to start a revolution. That went against Rome and her gods. Crucify him.

    https://youtu.be/lN4TxOd9I8Q

    Listening religious tards argue about minor point from the big fairy tale book is worse than listening to all these fuck head political tribal monkeys.

    If you have ever put a bumper sticker on your vehicle to shout to the world your beliefs, fuck you. No one cares.

    I can’t remember the last time I saw a bumper sticker in Canaada. People here are religious and political, but they don’t pollute the world with their stick on beliefs. Stick a few on you face.

    I have family in the US. I lived in the US. People did not act the way y’all acting now….oh what is that you say? Awww you’re angry again. Well go get another tattoo and a meth hit and a fentanyl hit to come down. Hopefully it won’t kill you. Bring a friend with a spray bottle of Narcan. Tons of these new wave super reckless junkies have been brought back to life with Narcan many times. Paid for, in part, by me.
    Cunts. The world is a cunt

  16. Biden’s hairplug on Fri, 23rd Sep 2022 3:49 am 

    “Paul, formerly Saul of…is the first methinks. There was a fake, but it was debunked. By Germans I think. The german scholars were the first ones I know of who said – hey wait a minute, this stuff is myth.“

    Paul is the real deal, the Karl Marx of Antiquity, the creator of Christianity. The Eternal Jew par excellence. Jesus was a nobody, a hippie, he might not even have existed. His shtick was: don’t get provoked, hold the other cheek instead. Nurture the love for all and everything inside you and be happy, wear a flower in your hair, make love not war. A nice jew, for a change.

    Oh, and he had figured out his jews as the bunch of killers that they are. He was a defector from Judaeism and that is why the kikes wanted to have him crucified (the Christians burn heretics on the stake, Muslims decapitate infidel).

    Paul founded the first Christian communities ca. 40 A.D. Some 340 years later, Christianity became the official religeon of the Roman empire and whites became the pussies they are now. Jews are our misfortune.

  17. Biden’s hairplug on Fri, 23rd Sep 2022 3:56 am 

    Nietzsche on Paul:

    “Epicurus had triumphed, and every respectable intellect in Rome was Epicurean—when Paul appeared … Paul, the Chandala hatred of Rome, of “the world,” in the flesh and inspired by genius—the Jew, the eternal Jew par excellence…. What he saw was how, with the aid of the small sectarian Christian movement that stood apart from Judaism, a “world conflagration” might be kindled; how, with the symbol of “God on the cross,” all secret seditions, all the fruits of anarchistic intrigues in the empire, might be amalgamated into one immense power. “Salvation is of the Jews.”—Christianity is the formula for exceeding and summing up the subterranean cults of all varieties, that of Osiris, that of the Great Mother, that of Mithras, for instance: in his discernment of this fact the genius of Paul showed itself. His instinct was here so sure that, with reckless violence to the truth, he put the ideas which lent fascination to every sort of Chandala religion into the mouth of the “Saviour” as his own inventions, and not only into the mouth—he made out of him something that even a priest of Mithras could understand…. This was his revelation at Damascus: he grasped the fact that he needed the belief in immortality in order to rob “the world” of its value, that the concept of “hell” would master Rome—that the notion of a “beyond” is the death of life…. Nihilist and Christian: they rhyme in German, and they do more than rhyme….“

    https://www.gutenberg.org/files/19322/19322-h/19322-h.htm

    “Cunts. The world is a cunt“

    And you are a nihilist, longing for the end.

  18. Duncan Idaho on Fri, 23rd Sep 2022 10:56 am 

    “It’s a little more complicated than it used to be, thanks to one of the changes that occurred back in 1973, a year of startling historical significance. That was the year of the Roe v. Wade decision and, oh yeah, the Watergate hearings (remember those?). But there was more. The United States, tangled militarily in the quagmire of Vietnam and increasingly torn apart on the home front by protests, was on the brink of conceding defeat in Nam and getting the hell out of the ravaged country. Before that came about, the military-industrialists made a pragmatic decision. They got rid of the draft.”

  19. Notice of execution for Pierre Poilievre [email protected] at on Fri, 23rd Sep 2022 12:39 pm 

    I really don’t like you. You are a narcist pretentious piece of shit. You will be one of the first one to be executed by GOD using deadly facial skin cancer. You are a lying piece shit. No real conservative man would marry and procreate with a brown shit diversity like you did. Real conservative man work toward the continuation and preservation of the white race by procreating with a white women. You are just a liberal hiding under a conservative label. You are just a lying pretentious piece of shit. This notice of execution will be posted on peakoil.com

    —– Message transmis —–
    De :
    À : [email protected]
    Envoyé : vendredi 16 septembre 2022 à 11:16:58 UTC−4
    Objet : Notification of execution by deadly bloody facial skin cancer

    This is a notifications of execution by deadly bloody facial skin cancer for for all the members of the conservatize party and specially Pierre Poilievre, his wife and Son from the Son of GOD and the Lord GOD themselves. This also includes their wife, husbands, kids, children and new born babies.
    You are guilty of profanities against GOD. You are a liar, a manipulator, and use verbal language as tool to manipulate people. You care only about you and you only. Your ego and vanity is too big for the someone that did not contribute anything real unlike a car mechanics. GOD will not be fool by the
    type of person you are. For this you deserve death by torture, using deadly bloody facial skin cancer as method of execution. By the way, you are such a beta male. Only Beta male procreate with a brown shit skin like your wife. You represent everything that is wrong with earth and why everyone on earth will be executed. The dismantling of the power structure of earth will happen this way, first all the royal family member will be executed., followed by all the member of the Vatican, followed by all the Jews, followed by all the politicians of the world.

    This notification of execution will be posted on peakoil.com. I send a similar message to the following organisation:

    I also have specials powers that allow me to modify earth reality, such as giving people cancer.

    1- https://tcfcanada.org/about-us/#

    2- https://www.centuryinitiative.ca/

    3- https://www.hill-international.com/en-EU/

    4- All the Jewish people. Natalli Bennett is responsible to inform them of the death sente

    5- Goldman Sachs

    6- Vatican Pope, bishops, cardinals, priests

    7- British Royal Familly

    8- BlackRock

    9- Finish gouverment

    10-Melanie Joly

    11-Jeffreies

    11-Domique Anglade liberal party of Quebec

    12-Magdalena Andersson prime minister of Sweden

    13-National council of Canadian Muslim.

    14- All the people living in the rich neighborhood of Laval

    15- Conservative party

    16- Pierre PoiLievre and his family. Twice

    This judgement is final and will be carried by GOD himself.

    See what someone dying of facial skin cancer look like: Fauci dying of facial skin cancer

    https://www.youtube.com/watch?v=NiZs_72DmMo

    Prince charles suffering of deadly facial skin cancer 1:02

    https://www.youtube.com/watch?v=Y6qXnXZQabw

  20. FamousDrScanlon on Fri, 23rd Sep 2022 1:36 pm 

    clog, you continue to say nihilist as if it’s something bad. Many disagree & it’s part of their life’s philosophy. Moreover, there is more than 1 type of nihilism.

    In a way it’s flattering that you put so much stock in what I believe, but even if I was “longing for the end” my longing cannot bring the end about. Not even if I longed 24/7 for 365 days.

    You have the mind of the superstitious – granting others mind powers they do not have

    Dr Scanlon is sooooo powerful he can will things to happen.

    Say that I did long for the end. How is that any different than your longing for the destruction of the US, the Jew.. all non whites.

    That means the only difference between me and you is one race. I want they all dead. You want them all dead except yours. That’s a minor difference.

    If there was a historical Jesus, the Romans killed him. Jews did not crucify. Most of the jew priestly class & Pharisees would have wanted Jesus dead along with all trouble makers. The Romans likely told them if they don’t help keep the peace they will slaughter the entire priestly cast & destroy the temple.

    cunts the term is cunts. You don’t know because they did not teach you Anglo street trash talking in that little pampered, goody two shoes Dutch school you went to.

    JEW are #1! clog…never forget it. Hmm what am I telling you. No one is more obsessed and envious of the Jews than clog who knows perfectly well he could not keep up to them if given 1000 years, thus plan 2. Destroy them then rewrite history without them in it and attribute their gazillion accomplishments to some made up Aryans and white folks in general.

    clog your wish will be granted. There will be no Jews left by 2100. No whites, Asians or blacks left either.

    Victims of another hothouse mass extinction.

  21. makati1 on Fri, 23rd Sep 2022 3:16 pm 

    ‘You are the dumbest moron ever to disgrace peakoil.com.” Looking in the mirror again Famous? Don’t like the truth, or are you so brainwashed that the truth is now “fake news”? “1984”?

    It is actually fun watching Westerners go down the shitter after they have caused (and are causing) so much death and destruction in the world. Payback is a bitch and well deserved.

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