Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, cushioning prices against turmoil in the Middle East and beyond, the International Energy Agency said.

The world's demand for oil will fall short of supply by more than 1 million barrels per day (bpd) in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said in its monthly oil market report on Thursday.

The prospect of a more than one million barrels per day excess supply is a headwind for OPEC+ in its plan to start raising output