Oil markets showing signs of tightening CanadiansInvest
Growing global demand and supply cuts point to a potential reversal in oil markets
On the other hand, while the Organization of the Petroleum Exporting Countries has left its global oil demand growth forecast unchanged in its latest Monthly Oil Market Report, it has revised its expectations for Chinese crude demand upward. With China being a crucial driver of global oil demand, OPEC now anticipates an increase of 800,000 bpd, up from its previous forecast of 760,000 bpd.
Energy Aspects also predicts that a complete economic rebound in China could contribute an additional 500,000 to 600,000 barrels of oil equivalent per day to global demand. Currently, international travel from China remains 40 per cent below pre-COVID levels, and weaknesses in the property market limit fuel demand from construction activities. However, if these factors return to pre-pandemic levels, Chinese crude consumption could substantially rise.
France Dernières Nouvelles, France Actualités
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