LONDON - ‍The International ‍Energy Agency revised its 2026 ​global oil demand growth forecasts higher on ⁠Wednesday in its latest monthly oil ⁠market report, suggesting ‌a slightly narrower surplus for the market this ⁠year.

The IEA now expects global oil demand to rise by 930,000 barrels per day (bpd) this ⁠year, up from ​the 860,000 bpd growth forecast in its previous report.

That ‍suggests global oil supply will ​exceed demand by 3.69 million bpd this year, according to Reuters calculations based on the report, narrowing from an implied surplus of 3.84 million bpd in the Paris-based watchdog's December report.

"For now, bloated balances provide ⁠some comfort to market participants ‌and have kept prices in check," the IEA said.

(Reporting ‌by ⁠Robert Harvey and Alex Lawler in ⁠London; Editing by Bernadette Baum)