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MNI COMMODITY ANALYSIS: Mobility Indicators Supportive of Chinese Demand Return

Executive Summary:

  • Indicators suggest that Chinese demand is recovering at pace and will be the top global demand driver in 2023 as other demand outlets struggle.
  • Traffic congestion, flight activity, public transport ridership, refinery runs, stock draws and crude/product imports are all supportive of the recovery story.
  • Rebound in China demand one of the key components for OPEC to decide output levels this year.
  • IEA forecast Chinese jet demand as one of the biggest oil demand growth factors of 2023 - domestic flights have rebounded but Chinese international flights still leave plenty of potential demand on the table at present.
Full piece here:

MNI China Oil Demand Recovery Indicators.pdf

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