🔺International Energy Agency: Oil market enters supply surplus for the first time since the start of the war

▪The International Energy Agency said the global oil market in October, for the first time since the start of the United States’ war with the Islamic Republic, entered a supply-surplus situation; a significant turnaround after months of disruption to Middle East oil flows that at the beginning of the war increased the market deficit to 6.3 million barrels per day.

▪According to the agency’s report of November 13, global oil supply in October rose by 2.3 million barrels to reach 105.4 million barrels per day and overtook demand by nearly two million barrels per day.

▪Agency analysts described this situation as early signs of the market “returning to balance.” One of the main factors behind this change is the renewed increase in exports from Gulf states.