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OIL: Oil Markets Show More Concern for Demand than Middle East Supply: Gunvor

OIL
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Gunvor's CEO Torbjörn Törnqvist said that current prices show more concern about soft demand than Middle East supply disruption, according to Reuters.

  • Törnqvist is confident that the conflict in the Middle East will not have any impact at all on oil supply. "We have a situation around the Red Sea, Yemen, but by and large it's more like a nuisance, but not really disruptive in any way."
  • The oil market has enough spare capacity and the demand outlook was looking weak, decreasing volatility, he added.
  • Demand growth for 2025 looks modest and not enough to meet growing non-OPEC supply while refining margins are also weak as new and efficient refining capacity comes online.
  • China’s diesel, gasoline and jet fuel demand has plateaued, he said.
  • OPEC+ faces a dilemma to defend market share or support falling oil prices.
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Gunvor's CEO Torbjörn Törnqvist said that current prices show more concern about soft demand than Middle East supply disruption, according to Reuters.

  • Törnqvist is confident that the conflict in the Middle East will not have any impact at all on oil supply. "We have a situation around the Red Sea, Yemen, but by and large it's more like a nuisance, but not really disruptive in any way."
  • The oil market has enough spare capacity and the demand outlook was looking weak, decreasing volatility, he added.
  • Demand growth for 2025 looks modest and not enough to meet growing non-OPEC supply while refining margins are also weak as new and efficient refining capacity comes online.
  • China’s diesel, gasoline and jet fuel demand has plateaued, he said.
  • OPEC+ faces a dilemma to defend market share or support falling oil prices.