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Exxon Expect Another Record Year for Global Oil Demand

OIL

Global oil demand in the first quarter was stronger than anticipated according to Exxon CEO Darren Woods.

  • Exxon expects global oil demand to “hit another record this year” adding, “transportation fuel demand is very healthy, if you look at first quarter refining margins, it was the second highest margins over the last ten years.”
  • “We are in a dip right now as we transition into the summer driving season,” Woods said.
  • “Crude markets look fairly well supplied,” he added.
  • “One market we see as weak is the chemical market as a function of supply rather than demand,” he said.
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Global oil demand in the first quarter was stronger than anticipated according to Exxon CEO Darren Woods.

  • Exxon expects global oil demand to “hit another record this year” adding, “transportation fuel demand is very healthy, if you look at first quarter refining margins, it was the second highest margins over the last ten years.”
  • “We are in a dip right now as we transition into the summer driving season,” Woods said.
  • “Crude markets look fairly well supplied,” he added.
  • “One market we see as weak is the chemical market as a function of supply rather than demand,” he said.