• 2025 world oil demand growth forecast seen at 1.03 mil bpd (previously 1.10 mil bpd)
  • Global oil supply could exceed demand by around 600k bpd this year
  • The surplus could widen further by 400k bpd if OPEC+ extends the unwinding of its output cuts

Adding to that, the agency says that demand in the first quarter of this year had come in below expectations amid "an unusually uncertain macroeconomic climate". US tariffs were to blame as they said that it "tilted macro risks to the downside".

Source: Forex Live