China's weak diesel consumption squeezes outlook for oil demand
Oil
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Article by:
Collen Howe and Trixie Sher Li Yap - Reuters
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Date Published:
August 02, 2024
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Who was cited:
FGE
In a note to clients, FGE analysts said, "Despite the end of peak refinery maintenance, persistently weak diesel demand and a slowdown in gasoline consumption provided little incentive for refiners to ramp up."
They added, "There is no pressing need for more supplies (of the fuels) in the domestic market."
FGE adjusted its diesel demand forecast downwards to a year on year decline of 5% in the second half, versus a drop of 1.2% earlier.
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