Global oil supply exceeds demand by 600,000 bpd

The International Energy Agency (IEA) reports that global oil supply exceeds demand by 600,000 barrels per day (bpd), leading to a reduced demand outlook for the year. Major oil traders are also expressing concerns about overproduction. U.S. oil output is expected to rise by 400,000 bpd to 13.6 million bpd, contributing to price weakness. OPEC+ members, particularly Kazakhstan and Nigeria, are producing above their quotas, further increasing supply. Concerns about tariffs affecting demand and refinery shutdowns in the U.S. may leave more crude available on the market. Analysts suggest that oil prices could drop below $60 per barrel, but demand may still surprise positively.