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MNI Commodity Research: China Remains 2024 Global Oil Demand Spotlight Despite Lumpy 2023

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Executive summary:

  • China oil demand growth is expected to slow in 2024 but numerous consultancies and forecasting agencies still place growth expectations at +3-4% y/y, while a choppy 2023 has played a significant part in OPEC+ policy outlook into Q1 2024.
  • China refinery runs slowed into the tail end of 2023 as refiners hit weaker margins, and tighter oil product export and oil import quotas. Unusual full year oil import quotas issued in January now offer China’s refiners greater flexibility through the year as a whole.
  • China domestic air travel was a key demand highlight in 2023 while international languished, leaving substantial demand available to return to the market in 2024 as schedules and restrictions recover.
Full piece here:

MNI Commodity Analysis - China Remains 2024 Global Oil Demand Spotlight Despite Lumpy 2023.pdf



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