Global oil supplies are expected to exceed demand in the fourth quarter after rising Gulf exports pushed the market into surplus in October for the first time since the Iran war began, the International Energy Agency (IEA) said on Friday.
In its monthly report, the Paris-based agency said Gulf shipments reached 18.4 million barrels per day, although volumes remained 26 per cent below pre-war levels.
The increase came despite continued attacks on tankers attempting to transit the Strait of Hormuz, a critical route for global energy shipments.
“The oil market is showing tentative signs of rebalancing, with global oil supplies surpassing demand for the first time since the outbreak of the war in Iran,” the IEA said.
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The agency expects the supply surplus to continue in the fourth quarter, signalling a potential shift in global oil market conditions as exports from the Gulf recover.
