International Energy Agency: The global oil market is expected to have ample supply by 2025.

The International Energy Agency said on Tuesday that, barring any major disruptions, the global oil market looks well-supplied this year. The agency raised its forecast for supply growth while lowering its forecast for demand growth. In its monthly report, the IEA stated that global oil demand is expected to increase by 720,000 barrels per day this year, a decrease of 20,000 barrels per day from the previous month's estimate, while supply is expected to increase by 1.8 million barrels per day, an increase of 200,000 barrels per day from the previous month's estimate.