Algerian oil demand is on pace for a record year with the 9M 2024 figure of 485,000 b/d up 4% year-on-year and 15,000 b/d above last year’s annual record of 470,000 b/d. On a quarterly basis, Q3’s 487,000 b/d was second only to the record 493,000 b/d set in Q1 this year, whilst August’s 505,000 b/d was a record monthly high.
This year’s record demand has been driven by diesel consumption which was up 6% at 211,000 b/d for 9M 2024 including a quarterly record 224,000 b/d for Q3 and monthly records of 233,000 b/d and 230,000 b/d for July and August. (CONTINUED - 204 WORDS)