Egypt’s oil demand looks to have more or less returned to normality. Average Q2 demand of 630,000 b/d is the highest quarterly figure in the ‘post-Covid’ period and up 70,000 b/d from the Q2 2020 nadir. Whilst overall demand of 630,000 b/d is 30,000 b/d below the last pre-Covid quarter of Q1 2020, almost all of this can be explained by the continuation of the long-term slump in fuel oil demand which has fallen from 111,000 b/d for 2018 and 45,000 b/d for Q1 2020 to a record low 21,000 b/d for Q2 2021 as gas fired and renewables powergen capacity has all but ended oil burning (MEES, 20 August).
In terms of monthly demand stats, June’s 665,000 b/d was the highest monthly figure since late 2019, though still well below the 2018-19 average of around 700,000 b/d. (CONTINUED - 516 WORDS)