Global oil market returns to surplus for first time since Iran war

Summarised from 2 outlets · Updated 13 Nov, 13:50 · Archive

Global oil supply exceeded demand for the first time since the Middle East conflict began in October, the IEA said.

Global oil supply surpassed demand by almost 2 million barrels a day in October, the International Energy Agency reported, marking the first surplus since the outbreak of the conflict in the Middle East. The agency said the market is showing 'tentative signs of rebalancing' as Gulf exports recovered faster than global oil demand.

Russian crude output rose to 8.73 million barrels a day in October, a jump of 210,000 barrels a day, according to the IEA. Global oil supply reached 105.4 million barrels a day in October, up 2.3 million barrels a day from September, and up by 5.3 million barrels a day since August despite ongoing attacks on energy infrastructure and tankers. Inventories also rose for the first time since June, with observed global stocks increasing by 52 million barrels in October.

The IEA noted that persistent attacks on Russian energy infrastructure continue to constrain diesel supplies to international markets. However, it expects global oil supply to average 105 million barrels a day in the final three months of the year, 1.7 million barrels higher than forecast demand. The agency had previously expected a fourth-quarter deficit.

How it is being reported

• Global oil supply returns to surplus for first time since start of Iran war, says IEASupplies outstripped demand by almost 2m barrels a day in October as market shows ‘tentative signs of rebalancing’ The world’s oil supply is swinging back to a surplus for the first time since the start of the US-Israeli war against Iran, the International Energy Agency (IEA) has said. Oil supplies outstripped demand by almost 2m barrels a day in October, the Paris-based agency said, as “gulf exports recovered much faster than global oil demand”. Continue reading...Guardian Business · 13 Nov, 13:35
• Russian crude production rebounds after Trump diesel deal, IEA says as oil markets return to surplusRussia’s crude output rose to 8.73 million barrels a day in October as recovering Gulf exports pushed global supply above demand, the IEA said.CNBC · 13 Nov, 12:05

In this story: International Energy Agency · Russia · Middle East · Gulf · Iran

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