According to the International Energy Agency, supply is likely to significantly exceed demand

Production increases initiated by Saudi Arabia, combined with weak demand, are likely to weigh on oil prices in the coming months. Oil demand is falling in China, India, and Brazil, three major oil-consuming countries affected by the new US trade policy. The International Energy Agency has reduced its consumption forecast for 2025 by 680,000 barrels per day, while the OPEC+ countries will have returned the equivalent of 2.5 million barrels per day to the market between May and September. China took advantage of the oversupply to restock in the second quarter, but the IEA expects an oversupply of 2 million barrels per day in the fall.