This quarter’s oil demand highlights include muted quarter-on-quarter (QoQ) demand growth from OECD countries, while non-OECD countries are experiencing declines in line with seasonal patterns. Monetary tightening policies, particularly in OECD countries, have stalled due to ongoing uncertainty, indicating that challenging times may still be ahead. As a result, OECD QoQ growth is subdued at 300 thousand barrels per day (Kb/d), while non-OECD is expected to decline by roughly 180 Kb/d.
