J P M O R G A N Global Commodities Research 17 April 2024 Oil Demand Tracker Global flight activity surpasses pre-pandemic levels for the first time ever • Our high-frequency demand indicators estimate that worldwide oil Global Commodities Research consumption so far in April averaged 101.0 mbd, 200 kbd below our published Prateek Kedia AC estimates (Figure 1). On a year-over-year basis, demand growth in April is (1-646) 326 1124 tracking at 1.46 mbd against our expectations of a 1.7 mbd increase. From the ...