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

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.