By Enes Tunagur

LONDON (Reuters) -The International Energy Agency on Wednesday raised its forecast for oil supply growth this year following a decision by the OPEC+ producer group to hike production and lowered its demand forecast due to lacklustre demand across the major economies.

The IEA expects world oil supply to rise by 2.5 million barrels per day (bpd) in 2025, up from 2.1 million bpd previously forecast, the agency, which advises industrialised countries said in a monthly report.

World oil demand will rise by 680,000 bpd this year, down from 700,000 bpd previously forecast, the Paris-based agency said.

“The latest data show lacklustre demand across the major economies and, with consumer confidence still depressed, a sharp rebound appears remote,” the IEA said.

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