2024 world oil demand growth forecast unchanged at 970k bpd2025 world oil demand growth forecast seen at 950k bpd (previously 980k bpd)Chinese oil demand has contracted for third consecutive monthWeak growth in China now significantly dragging on global gainsOPEC+ cuts are tightening physical marketsCould 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.
This article was written by Justin Low at www.forexlive.com.
