World oil supply will rise more rapidly than expected this year and next as OPEC+ members further increase output and supply from outside the group grows, the International Energy Agency said on Wednesday.

The sluggish demand clashes with a surge of production from Opec. The IEA said Opec’s push to boost global oil supply would mean an extra 2.5 million barrels per day this year and 1.9 million barrels a day in 2026 – around 400,000 to 600,000 barrels higher than it previously expected.

OPEC+ producers raised their combined crude oil production in July by less than planned, with Saudi Arabia's supply data showing discrepancies.