IEA: Global oil supply could exceed demand by around 600,000 bpd this year.

In its monthly oil market report published on Thursday, the International Energy Agency (IEA) said that “global oil supply could exceed demand by around 600,000 barrels per day (bpd) this year.

Additional takeaways

2025 world oil demand growth forecast seen at 1.03 million bpd (previously 1.10 mil bpd).

The surplus could widen further by 400,000 bpd if OPEC+ extends the unwinding of its output cuts..

US forecast to be the largest source of supply growth in 2025.

Global oil supply rose by 240,000 b/d in February on month.

US tariffs will act as barriers to global trade, economic growth in 2025.

OPEC+ might add 40,000 bpd to the market in April instead of 138,000 bpd.

IEA raises 2025 non-OPEC+ supply growth estimate to 1.5 millon bpd from 1.4 million bpd.