The International Energy Agency (IEA) released its monthly Oil Market Report on Thursday. The agency said that the global oil oversupply would narrow in the second half of the year.

The IEA noted that global oil supply increased by 250,000 barrels a day to averaged 96.2 million barrels a day in April compared with March as a rise in OPEC output more than offset a decline in non-OPEC production.

According to the IEA, OPEC production increased by 330,000 barrels a day to 32.76 million barrels a day in April, compared with the previous month. The increase was driven by higher output from Iran, Iraq and the United Arab Emirates.

The IEA expects non-OPEC output to drop by 800,000 barrels a day to 56.8 million barrels in 2016.

The agency upgraded its global demand growth for the first half quarter due to a rise in demand in India, China and Russia.