IEA: Global Oil Market to Return to Surplus in Q4

The International Energy Agency (IEA) has stated that the global oil market will return to a surplus in the fourth quarter of this year as the recovery of Middle Eastern exports outpaces global oil demand. In its monthly oil report, the IEA noted that oil supply in the fourth quarter is expected to average 105 million barrels per day, exceeding the forecasted demand by 1.7 million barrels per day. The IEA had previously predicted a supply shortage in the fourth quarter. The agency indicated that the oil market is showing early signs of rebalancing, with global oil supply surpassing demand for the first time since the outbreak of the Iran war.

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