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Healthy 2024 for Oil Market with Optimism for China Demand: JPM

OIL

Brent oil is heading for the high $80s/bbl by May with the possibility of overshooting to the upside according to JP Morgan via Bloomberg

  • The “constructive outlook relies heavily on our optimistic view on demand, especially China.”
  • “Geopolitics aside, our view remains that 2024 will be fundamentally a healthy year for the oil market.”
  • Chinese demand is expected to increase by 530kb/d this year, down from the growth surge of around 1.2mb/d seen in 2023.
  • Global oil demand is expected to increase by 1.5mb/d in 2024, above client consensus view of about 1mb/d.
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Brent oil is heading for the high $80s/bbl by May with the possibility of overshooting to the upside according to JP Morgan via Bloomberg

  • The “constructive outlook relies heavily on our optimistic view on demand, especially China.”
  • “Geopolitics aside, our view remains that 2024 will be fundamentally a healthy year for the oil market.”
  • Chinese demand is expected to increase by 530kb/d this year, down from the growth surge of around 1.2mb/d seen in 2023.
  • Global oil demand is expected to increase by 1.5mb/d in 2024, above client consensus view of about 1mb/d.