Global Oil Data Deck (May 2024)

Oil market deficits continued to drive global inventory draws in March as China-driven demand growth pulls against OPEC+ constrained supply

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Overview

• Global liquids balance remained in modest deficit through March, around -0.7 MMbpd, as Chinese demand continued to drive global gains and pressure OPEC+ constrained supply.

• Crude prices struggled to maintain altitude over the past month, instead trading sideways after Brent lurched lower into the low-$80s as spot market conditions loosened and hot money flows reversed in aggressive fashion.