The global oil market is tilting towards oversupply as production growth continues to outpace consumption despite a rise in Chinese demand, according to the International Energy Agency’s (IEA) latest monthly report released on Thursday. The IEA projected that worldwide oil production will exceed demand by more than four million barrels per day (bpd) in 2026, following an upward revision in its global supply forecast. “Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil demand growth remains modest by historical standards,” the agency said, as quoted by AFP. The IEA noted several uncertainties influencing its projections, including the economic fallout of tariff disputes, US government shutdown (which is ending as Trump signs or

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