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Global Oil Demand Grows 1.9mn bpd in April: JP Morgan

OIL

Global oil demand grew by 1.9mn bpd in April according to high frequency demand indictors cited by JP Morgan analysts.

  • Global oil use increased by 1.4m b/d y/y in the first four months of 2024 vs a forecast of 2m b/d of growth made in November.
  • Overall Q1 weakness was due to a warm winter weather blunting fuel demand while weak US gasoline demand saw weakness for April’s figure.
  • China’s oil demand in April ran at around 16.7m b/d - 100k b/d below JP Morgans estimate.
  • European oil demand in April “continues to oscillate in a -100k b/d to +100k b/d range around our published projection of 14.0m b/d”

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