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China creates two-tier oil dynamic
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
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US downstream sector in key state feels the pain of high costs, an environmental squeeze and the effects of broader market trends
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OPEC+’s extra barrels mostly made of paper
Robust demand and a limited supply of additional physical barrels from key OPEC+ producers has kept the oil market in a healthy price range
The death knell for UK energy security
The end of Grangemouth and Lindsey oil refineries marks a worrying trend across Europe amid cost and transition pressures
Gas pricing finds a new norm
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Oil demand ramps up air miles
Jet fuel will play crucial role in oil consumption growth even with efficiency gains and environmental curbs, with geopolitical risks highlighting importance of plentiful stocks
Letter from the Middle East: Iran-Israel war risks dire straits
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Asia-Pacific will be the leader in oil demand growth to 2030
Refining Markets
Lee Nichols,
Vice-president, content,
Gulf Energy Information
5 October 2023
Follow @PetroleumEcon
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Refining Report: Biofuels lead the way

Gasoline and diesel demand set to stagnate but biofuels production due to expand significantly to 2030

Oil consumption rates have been level with or greater than consumption rates pre-Covid since Q3/Q4 2022. The IEA, the US EIA and OPEC have forecast global oil demand to hover around 102m b/d in 2023. All three organisations also forecast consumption to increase in 2024 to 102.75–104.25m b/d. In the longer term, the IEA forecasts oil consumption to increase by an additional 2.6m b/d, reaching approximately 105.7m b/d, by 2029. Asia-Pacific will be the leader in oil demand growth to 2030, led by increased industrialisation and demand for refined and petrochemical products in developing nations. Refined product consumption Refined product demand is forecast to increase over the next several yea

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