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"Global Oil Demand Growth Slows, Prices Rise Over 1%"

1 min read
Source: IEA
"Global Oil Demand Growth Slows, Prices Rise Over 1%"
Photo: IEA
TL;DR

The global oil market tightened in January due to supply outages caused by extreme weather and voluntary output cuts by OPEC+ countries, along with escalating geopolitical tensions in the Middle East. Despite a slowdown in global oil demand growth, Brent crude oil futures rose to around $83/bbl. Higher global oil supply is expected to surpass the rise in demand, with non-OPEC+ countries driving output growth. However, low global oil inventories and geopolitical risks may lead to market volatility, as observed onshore stocks declined to their lowest level since at least 2016.

Topics:businessenergy-market-analysis#energy-market-analysis#geopolitical-tensions#global-demand#oil-market#opec#supply-outages
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  1. Oil Market Report - February 2024 – Analysis  IEA
  2. Oil prices rise more than 1%, shaking off weak 2024 global demand forecast  CNBC
  3. Oil demand growth slowing as non-OPEC supply expands, says IEA  Reuters
  4. BofA Oil Demand Growth Has Peaked  OilPrice.com
  5. Oil rises over 1% on weaker dollar; slowing demand outlook caps gains  Yahoo Finance

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