Core Insights - The International Energy Agency (IEA) has raised its forecast for global oil supply growth in 2023 due to OPEC+'s decision to increase production [1] - The IEA has also increased its demand growth forecast, indicating a more optimistic outlook for the oil market [1] Supply Growth - The IEA's updated forecast reflects a significant adjustment in global oil supply growth, influenced by OPEC+'s production hike [1] - This adjustment suggests a response to changing market dynamics and potential supply constraints [1] Demand Growth - The IEA's revised demand growth forecast indicates an increase in global oil consumption, highlighting a recovery in demand post-pandemic [1] - This growth in demand is expected to further support oil prices and market stability [1]