- 2024 world oil demand growth forecast unchanged at 970k bpd
- 2025 world oil demand growth forecast seen at 950k bpd (previously 980k bpd)
- Chinese oil demand has contracted for third consecutive month
- Weak growth in China now significantly dragging on global gains
- OPEC+ cuts are tightening physical markets
- Could see a supply deficit as US summer driving season is set to be strongest since the pandemic
The narrative is more or less the same as from OPEC+ here yesterday.
