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YtD Oil Demand Rises 1.5mbpd Above 2023 Levels

OIL

Global oil demand so far this year has exceeded 2023 levels by 1.5mbpd, JP Morgan said in a note.

  • Downside to oil demand was driven by a poor uptake in heating fuels consumption.
  • Chinese oil demand is on track to average 15.9mbpd in the first quarter of this year. Demand is expected to improve in the coming days with increased industrial activity after the Lunar New Year holiday and the announced increase in the US-China weekly flights.

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