China’s oil throughput saw a notable increase in August, driven by a rebound in fuel exports amid the ongoing conflict in Iran. This rise indicates heightened oil demand and suggests potential supply constraints due to geopolitical tensions in the Middle East. The market now assigns a 16.5% probability that crude oil will reach a new all-time high by December 31, compared to just 1.9% for September 30. Key energy figures, including OPEC Secretary General Mohammad Sanusi Barkindo and IEA Executive Director Fatih Birol, are closely monitoring the situation.
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