Analysts and trade sources predict that Asia, led by South Asian demand, will drive the bulk of global oil demand growth in 2024. Despite economic headwinds affecting China, strong economic growth in South Asia is expected to surpass China's demand for oil. The surge in demand, particularly for jet fuel, is anticipated to lead to record-high refinery runs in the first quarter of 2024. The region's reliance on Russian crude, especially by Indian and Chinese refiners, remains a key factor, along with the reopening of Venezuelan crude flows following sanctions. While global oil demand is rebounding, potential economic recessions pose a downside risk. The article highlights the evolving trends in the

maritime industry, emphasizing the importance of jet fuel demand and the regional dynamics influencing oil demand growth in Asia for the year 2024.

SOURCE:GOOGLE