The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said, even after producer group OPEC+ extended oil supply cuts and a slightly higher than expected demand forecast

OPEC+ has already delayed a plan to gradually increase production several times this year due to falling prices, weak demand, and increased output from producers outside the group

Russia has declared plans to cut its oil production and exports by an additional 471,000 barrels per day (bpd) between April and June, in coordination with some OPEC+ participating countries

OPEC+ maintained its oil output policy as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for demand recovery