The International Energy Agency has raised its global forecast for excess oil supply for the sixth consecutive month.

As OPEC+ continues to restore supply and demand growth remains weak, the International Energy Agency has raised its expectations for global oil surplus for the sixth consecutive month. The report states that by 2026, global daily oil supply will exceed demand by about 4 million barrels, slightly higher than the previous month's forecast. The IEA pointed out that the global oil "supply-demand balance is increasingly imbalanced", and the agency has been revising its surplus expectations every month since June. Toril Bosoni, Head of the IEA's Oil Markets and Industry Division, said in an interview with Bloomberg TV, "We see that global crude oil supply continues to increase steadily, while demand growth is relatively moderate."