Global oil demand growth slows while supply from the Americas rises

  • Global oil demand growth expected to weaken
  • Output from the Americas to boost supply
  • OPEC+ output curbs countered by non-OPEC+ production
  • Oil supply forecasted to average 103.8 million barrels a day

Global oil demand is expected to grow at a significantly weaker pace this year, while soaring output from the Americas will help boost supply despite output curbs from OPEC and its allies, the International Energy Agency (IEA) said. The IEA left its forecast for oil-demand growth unchanged at 1.2 million barrels a day, down from 2.3 million barrels a day in 2023 due to slower economic growth. Meanwhile, rising production from countries outside of the OPEC+ group is expected to help oil supply increase by 1.7 million barrels a day this year to an average of 103.8 million barrels a day, according to the IEA.

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Factuality Level: 8
Justification: The article provides information from the International Energy Agency’s monthly report on global oil demand and supply. The information is based on forecasts and data from the organization, which is a reputable source in the energy industry. The article does not contain any obvious bias or misleading information. However, it is relatively short and lacks in-depth analysis or additional context.

Noise Level: 7
Justification: The article provides some information on global oil demand and supply, but it lacks in-depth analysis, evidence, and actionable insights. It mainly focuses on the forecasts from the International Energy Agency without questioning or exploring the consequences of these trends. The article also does not provide any information on antifragility or accountability of powerful people.

Financial Relevance: Yes
Financial Markets Impacted: Oil markets and companies in the oil industry

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the outlook for global oil demand and supply, which is relevant to financial markets and companies in the oil industry. However, there is no mention of any extreme events or their impact.

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