- Oil’s rally has given consuming countries concern, Japan’s Trade and Industry Minister Koichi Hagiuda said (Bloomberg)
- Hagiuda told reports that Tokyo was coordinating with the IEA and the U.S. on ways to address the global energy crisis and high oil prices
- Japan also called on OPEC+ to stabilize the oil market; a plea echoed recently by President Biden
- BP says oil demand is back near the pre-pandemic level above 100 MMBbl/d
- A resurgence in fuel consumption has pushed oil prices to multiyear highs
- “Somewhere next year we will be above pre-Covid levels, “ BP CFO Murray Auchincloss said on a conference call on Tuesday (BBG)
- The surge back to 100 MMBbl/d has happened even though air travel has yet to recover fully