Global oil demand at all-time high

The global demand for oil is at an all-time high. The only thing keeping prices down is the US shale oil production, says Global Risk Management.

Photo: COSL

Global oil demand has reached an all-time high, even at a time with slow European economies and a slowdown in Chinese growth, says Global Risk Management in its quarterly The Oil Market report, published today.

The only thing keeping the prices from climbing to levels of more than USD 120 per barrel is the booming US shale oil production. Current demand stands at around 94 million barrels per day (mbpd), while the price for a barrel of brent oil has, according to Danske Bank, bottomed out at an 8 percent decline since early September, to around USD 95 per barrel, the lowest level since the summer 2012, reports Ritzau Finans.

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