The International Energy Agency (IEA) reported in its monthly update on Thursday that the global oil supply could exceed demand by approximately 600,000 barrels per day this year, following a downgrade in its demand growth forecast 2025.

The Paris-based agency noted that this surplus could increase by 400,000 barrels per day if OPEC+ expands the gradual rollback of production cuts.

Additionally, the IEA lowered its 2025 oil demand growth forecast by 70,000 barrels per day, citing lower demand in the last quarter of 2024 and the first quarter of 2025.