Project Description
The latest customs data for June has been steady before a surge in demand for July and August. The normal seasonal causes like increased air travel plus an increase in oil in power generation. Most of the extra demand has come from China which is evident in a surge in VLCC demand which has risen from 88-91% from June to July.
Oil supply was steady in June but apparently plunged in July from Saudi Arabia. Most of growth in oil supply has come from non-OPEC+ countries which has kept up with the US driving season. Russian output has been steady with 85% of the shipments going to China and India.