Standard Chartered global demand will hit a new all-time high of 103.01 mb/d in May.
Crude oil futures have rallied close to a five-month high with concerns about tightening supplies driving up prices in recent days, only coming down to earth on Wednesday and paring some of those gains while awaiting an interest rate signal from the U.S. Federal Reserve. According to StoneX energy analyst Alex Hodes, Ukraine's recent attacks on Russian refineries could potentially cut 350K bbl/day of global petroleum supplies and boost U.S. crude prices by $3/bbl. Analysts at J.P.
supply not likely to move significantly higher than November 2023’s all-time high of 13.319 mb/d. Meanwhile, Russia will continue to struggle to optimize its upstream and downstream oil system, with logistical constraints due to war damage as well as a lack of critical spare parts contributing to a negative outlook for Russian crude and refined products output. More importantly, StanChart sees OPEC having ample room to maneuver starting in the third quarter.
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