Demand: Growth Depends on China’s Rebound, Macro Stability

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Global demand is forecast to rise to 101 million barrels per day this year, 100,000 b/d lower than last month. US demand has been revised down by 120,000 b/d in 2021 and another 120,000 b/d in 2022, to account for products blended in exported crude oil — they are not consumed at home but exported as crude. OECD Asia adds nearly 200,000 b/d of demand, well ahead of Europe (plus 107,000 b/d), but also slightly above the US (plus 182,000 b/d). Headline inflation has already subsided in South Korea. Japan has been less successful at mitigating higher price levels.

Oil Demand, Oil Products, Macroeconomics , Crude Oil
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