This quarter’s demand highlights show competition between seasonality and economics in each country, with one factor limiting growth while the other enhances quarter-on-quarter (QoQ) demand to new levels. The overall forecast remains bearish, with recent energy and economic developments resulting in some declines being muted, while growth in other areas is expected to be significant. For instance, Japan is projected to witness a QoQ decline of 600-700 thousand barrels per day (Kb/d) due to seasonality as well as the fragility of its economic and financial sectors. On the other hand, China’s QoQ growth is expected to reach 470 Kb/d as it seems to be leaving COVID-19 behind. The United States (U.S.) is expected to witness a QoQ decline of 20 Kb/d despite starting its driving season.