…albeit in very small increments.
JBC Energy have updated their handy chart of oil demand forecast revisions:
It’s worth noting however that these are the increases to the changes in demand, year-on-year, and not absolute demand. So all those upward revisions are quite small: one or two hundred thousand out of the 86m barrels per day in total.
And a sizeable portion of those increases are down to China (a third of the IEA’s latest increase, JBC points out) – and to a lesser extent, India.
OECD crude demand: settling, or being destroyed? (FT Energy Source)