{"id":60242,"date":"2021-11-02T18:02:10","date_gmt":"2021-11-02T23:02:10","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60242"},"modified":"2021-11-02T18:02:10","modified_gmt":"2021-11-02T23:02:10","slug":"bp-oil-demand-has-already-topped-100-million-bpd","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60242","title":{"rendered":"BP: Oil Demand Has Already Topped 100 Million Bpd"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/BP-Oil-Demand-Has-Already-Topped-100-Million-Bpd.html?fbclid=IwAR0ZyR1aBA8Atbs3F9daC5IoSx0wcAtpPdb_0xCQkxY69zk_kyzbG30dEag\">BP: Oil Demand Has Already Topped 100 Million Bpd<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li>BP: Global oil demand has already exceeded the threshold of 100 million barrels per day<\/li>\n<li>Demand will continue to increase and reach pre-COVID levels at some point in 2022<\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2021-11-02_u4jmgzyecs.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2021-11-02_u4jmgzyecs.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2021-11-02_u4jmgzyecs.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>Global oil demand has already exceeded the threshold of 100 million barrels per day (bpd) last seen before the pandemic, supermajor BP estimates.<\/p>\n<p>Demand will continue to increase and reach pre-COVID levels at some point in 2022, BP\u2019s chief financial officer Murray Auchincloss said on Tuesday at a conference call following the release of the Q3 results.<\/p>\n<p>\u201cSomewhere next year we will be above pre-Covid levels,\u201d Auchincloss said on the call, as carried by\u00a0<a href=\"https:\/\/www.worldoil.com\/news\/2021\/11\/2\/bp-says-global-oil-demand-has-passed-100-million-barrels-per-day\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p>\u201cOPEC+ is doing a good job managing the balance, so we remain constructive on oil prices,\u201d BP\u2019s CFO added on the call about BP\u2019s third-quarter results, which beat analyst estimates.<\/p>\n<p><a href=\"https:\/\/oilprice.com\/oil-price-charts\/#Brent-Crude\">Brent Crude prices<\/a>\u00a0rose by 7 percent to average $74 per barrel in the third quarter and moved above $80 per barrel in recent weeks, Auchincloss\u00a0<a href=\"https:\/\/www.bp.com\/content\/dam\/bp\/business-sites\/en\/global\/corporate\/pdfs\/investors\/bp-third-quarter-2021-results-presentation-slides-and-script.pdf\" target=\"_blank\" rel=\"noopener\">said<\/a>\u00a0at the Q3 results presentation.<\/p>\n<p>\u201cThis reflects the strong rebound in oil demand as the impact of COVID eases as well as the measured increases in OPEC+ supply. As a result, inventories have reduced back toward pre-pandemic levels. As we look ahead to the end of the year, we expect oil prices to be supported by continued inventory draw-down, with the potential for additional demand from gas to oil switching,\u201d BP\u2019s executive added.<\/p>\n<p>BP\u2019s view about global oil demand is generally in line with most analyst and industry estimates pointing to consumption returning to pre-pandemic levels as soon as this quarter or early next year.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BP: Oil Demand Has Already Topped 100 Million Bpd BP: Global oil demand has already exceeded the threshold of 100 million barrels per day Demand will continue to increase and reach pre-COVID levels at some point in 2022 Global oil demand has already exceeded the threshold of 100 million barrels per day (bpd) last seen [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[589,592,5332,25704,14603],"class_list":["post-60242","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-demand","tag-oil-price","tag-oilprice-com","tag-opec-2","tag-tsvetana-paraskova"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60242"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60242\/revisions"}],"predecessor-version":[{"id":60243,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60242\/revisions\/60243"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}