LONDON, March 13 (Reuters) - Global oil supply could exceed demand by around 600,000 barrels per day this year, the International Energy Agency said in a monthly oil market report on Thursday, after a downward revision to its 2025 demand growth forecast.
That surplus could grow by a further 400,000 bpd if OPEC+ extends its unwinding of output cuts, and fails to rein in overproduction against quotas, the Paris-based agency said.
The IEA revised down its 2025 oil demand growth forecast by 70,000 bpd to around 1 million bpd, with growth driven largely by Asia, specifically China's petrochemical industry.
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