The International Energy Agency said the macroeconomic conditions underpinning its oil-demand projections have worsened over the past month due to global trade tensions, and that it sees a bigger-than-anticipated supply surplus if OPEC+ raises output beyond April.

Global oil supply is expected to exceed demand this year, while trade tensions are clouding the outlook, the International Energy Agency said on Thursday. The agency's projections suggest supply may exceed oil consumption by around 600,