Demand: Consumption Gains Traction But Macro Backdrop Remains Muddy

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Oil demand is growing more than thought in 2023, mostly based on iffy Chinese data, which erodes the reliability of the forecast alongside lingering worries over the wobbly global macro-economic picture. After upward revisions, it now seems China’s demand rebound has already happened, much of it backed by pent-up household demand in the wake of the country’s reopening last December. Despite a sizeable 881,000 barrel per day annual increase in May, to 14.38 million b/d, month-on-month data shows a slowdown, signaling that the re-opening momentum is now petering out.

Oil Demand, Macroeconomics
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