- Oil is trading higher, reversing some losses from yesterday
- In the Middle East, discussions of a ceasefire between Israel and Hamas will resume in Doha, with the US, Egypt, and Israel in attendance
- Inflation in China grew for a fifth straight month, but missed expectations, potentially signaling sluggish demand
- OPEC maintains 2024 demand forecast (Reuters)
- In OPEC’s latest monthly report, they stuck to their view that oil demand growth in 2024 will remain relatively strong, driven by higher consumption of transportation fuels
- Global demand is expected to rise by 2.25 MMBbl/d in 2024 and 1.85 MMBbl/d in 2025
- Meanwhile, BP’s latest outlook was also released today with a forecast of peak oil demand in 2025, similar to the IEA view that global consumption will peak this decade
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