Demand: Rising Demand Growth Set to Defy Macro Angst, for Now

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Global oil demand is expected to grow faster in the second half of 2023. That leads to annual growth of 1.76 million barrels per day for a total 101.2 million b/d. Demand growth is 219,000 b/d higher than last month, reflecting firmer product consumption in China, as well as an uptick in the US. Demand in the first quarter gained a respectable 1.9 million b/d over the same period last year. A dip is expected in the second quarter, even if on an annual basis the quarterly growth will remain largely positive. As before, the bulk of annual growth is forecast to occur in the latter half of 2023.

Oil Demand, Oil Products, Crude Oil
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