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Global Oil Demand To Rise 2mbpd In H2: Vitol

OIL

Global oil demand is expected to rise by 2mbpd in the second half of this year because of demand growth driven by Asia, Mike Muller, Vitol Group’s Head of Asia, said.

  • The global crude market is weaker than many expected as Russian crude flows have continued and recession concerns are keeping prices lower than market fundamentals might indicate, he added.
  • IEA has raised its 2023 oil demand growth forecast in its latest monthly report by 200kbpd to 2.2mbpd. Chinese oil demand is expected to rise by 1.3mbpd this year.

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