“We expect demand to rebound to about 97 million barrels per day by Q4 as economies come out of lockdown - a significant improvement although still down about 4 million bpd year-on-year,” the bank said.
The OPEC and producers including Russia, a group known as OPEC+, agreed last month to cut their combined output by almost 10 million bpd in May-June to support prices at a time when pandemic quarantines have slashed fuel demand. The bank, however, said the recent rebalancing was mostly supply rather than demand-driven with the rise in crude prices compressing refining margins even further and inventories of oil products rising fast relative to crude oil stocks.
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