Baku: The International Energy Agency (IEA) has raised its forecast for the growth rate of daily global oil supply for this year, APA-Economics reports, citing the International Energy Agency’s monthly report.

According to Azeri-Press News Agency, the forecast indicates that daily global oil supply is expected to reach 104.9 million barrels, marking an increase of 1.8 million barrels this year. This is an upward revision from the previous forecast of 1.61 million barrels.

The report further notes that by 2026, the growth rate of daily global oil supply is projected to be 1.1 million barrels.