It’s not unexpected.  The International Energy Agency, which compiles benchmark supply and demand statistics, has anticipated it for months. It was just a question of timing, since oil demand surges during the northern hemisphere summer, when millions of European and American families guzzle gasoline and jet fuel during their holidays. The wholesale cost of refined products, such as gasoline, is surging too.

Granted, the new demand milestone is just one flimsy data point. Global oil consumption statistics are routinely revised, and a final figure probably won’t be set in stone until next year, or even 2025. The margin of error is relatively wide, too, probably at least 1 million barrels a day. But experience indicates that demand is typically revised higher, rather than lower.

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