Global Oil Demand Forecast to Rise Amid Stock Replenishment Efforts

Efforts to replenish global oil inventories, particularly in China, the US, and Europe, are expected to drive demand and prices, despite recent fluctuations.

• A concerted effort by China, the US, and Europe to refill depleted oil stocks could boost demand and prices in the coming months.
• Recent tensions in the Middle East and supply disruptions have led to heavily depleted global oil inventories, prompting concerns over supply.
• Morgan Stanley raised its quarterly outlook for Brent crude prices, expecting a tighter oil market this year.
• US crude oil inventories saw a significant rise, countering expectations and impacting prices.
• OPEC maintains a strong forecast for demand growth in 2024 and 2025, despite geopolitical tensions and economic factors.

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