Saudi Arabia oil demand jumped in July amid the summer heat. Restrictions on traveling abroad meant that residents who typically escape the heat overseas stayed at home, exaggerating normal seasonal trends.
This scenario was predicted earlier in the summer by energy minister Prince Abdulaziz bin Salman who said that “seasonality is even more pronounced this year, due to the pandemic. In many Opec+ countries, there will be an increase in demand for utilities, as well as changes in travel patterns, boosting domestic demand for gasoline and diesel” (MEES, 17 July). (CONTINUED - 757 WORDS)