Global Oil Fundamentals_Oil price update_ key questions for 2025

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 On the downside, demand remains a key risk, with a slowing Chinese economy in focus. We are relatively cautious on 2025 oil demand growth (+1.1Mb/d), including for China (+0.2Mb/d). Slower Chinese demand (UBSe +4.0% GDP) and/or repercussions on tariffs and other headwinds could still bring demand growth lower. A larger surplus and lower oil price, falling below $70/bbl, could increase tensions within OPEC+ and risk weaker compliance. On potential stronger US supply gr ...